Farm Credit West, ACA recently announced the Board of Directors has voted to distribute a patronage dividend to customer-owners equal to 150 basis points (bps) or 1.50% of eligible average outstanding loan balances in 2020. This patronage dividend includes a special pandemic related relief payment of 50 bps distributed to customers during the summer of 2020.

After leaving the Air Force in 2012 with a service-connected disability, Robert Barnett was looking for a new career when he fell into farming by accident by gardening at his family’s home in Ventura, even though “it was years before I could grow something,” he recalled.

Recently, the U.S. Department of Agriculture (USDA) announced an additional $14 billion for agricultural producers who continue to face financial challenges from the COVID-19 pandemic and related market disruptions.

Since our last communication on the Paycheck Protection Program, Farm Credit West has monitored the progress of the proposed legislation designed to provide additional relief to those impacted by COVID-19, specifically SBA’s Paycheck Protection Program debt forgiveness process.

Recently, Congress extended the deadline to submit new PPP loan applications to August 8. While Farm Credit West will not re-open our own PPP online application portal to accept new loans, we will maintain a link to the Kabbage application on our website for any customers that still desire to apply for funding through this program.

On Wednesday, July 1st, California’s Governor Newsom announced a roll-back of certain previously announced openings of businesses and activities due to a substantial surge in COVID cases and hospitalizations. In addition, Federal, State, local and other entities continue to encourage the wearing of a face mask in public spaces including any workplace visited by members of the general public.

Over the last several weeks, your association has closely followed SBA activity as additional information and clarifying documents regarding the Paycheck Protection Program (PPP) have been released. Most recently, a revised application and instructions have been provided detailing the process to seek debt forgiveness for PPP loan recipients.

Farm Credit West is pleased to announce the 2020 Director and Nominating Committee election results.

We recognize the COVID-19 pandemic and related closures have resulted in significant unforeseen hardship for agriculture in California and Arizona. To provide relief in the current environment, Farm Credit West’s Board of Directors recently resolved to distribute a partial advance payment of the 2020 end-of-year patronage distribution to every eligible customer.

Farm Credit West continues to take steps to ensure employee and customer safety through the duration of the impact of COVID-19. As previously communicated, we have practices in place in all our offices to help prevent the spread of the coronavirus including safe distancing, sanitation of high touch surfaces, promoting hand washing and avoiding large gatherings in conference and break rooms. We have also supplied each employee with washable face masks, have disposable face masks at each front counter and have made available digital thermometers for all employees.