CHATTANOOGA — Earlier this year, the agricultural lender Farm Credit of Western Oklahoma opened a full-time branch office in Chattanooga for customers in Comanche, Cotton and Tillman counties.
“We feel like this is a very strong agriculture area, and we have a lot of potential to grow our business and serve the farmers and ranchers in south-central Oklahoma,” said President/CEO John Grunewald.
Farm Credit officials celebrated the Christmas season with a holiday open house Dec. 15 at the Chattanooga field office, 309 Fourth St. People attending the event were asked to bring nonperishable food items, which were donated to the Blessing Box food bank in Chattanooga.
Farm Credit lends money to farmers and ranchers, agribusinesses, rural home buyers and exporters of American agricultural products, according to the company’s website. The cooperative’s other services include appraisals, leasing and term life insurance.
“We loan money to farmers and ranchers, but we also loan to rural electric cooperatives, rural water systems,” Grunewald said. “Farmers co-ops also borrow money from the Farm Credit system.”
He said Farm Credit has a loan program for beginning farmers, which provides special rates and services for producers who are just starting out.
“That’s really been an emphasis of ours,” Grunewald said.
Farm Credit is a producer-owned cooperative, which pays an annual patronage dividend to its members. Last year, the cooperative paid about $7 million in dividends, Grunewald said.
Farm Credit has field offices in several communities, including Altus, Anadarko, Chattanooga and Guymon. The co-op’s board of directors includes Vice Chairman Roger Fischer of Chattanooga and Ricky Carothers of Indiahoma.