ENFIELD, Conn. — Farm Credit East’s Board of Directors approved a reduction in the financial cooperative’s base variable interest rate pricing by one quarter of one percent (.25%). This interest rate reduction applies to all Farm Credit East variable interest rate loan customers and will go into effect on October 1.
This reduction in variable interest rates is in addition to any movement down in national interest rates influenced by the Federal Reserve. Farm Credit East will continue the strategy to follow any future movement in rates that impacts its cost of funding for variable rate loans.
Board Chair Matt Beaton, of Wareham, Mass., noted, “The board is committed to delivering value for our customer owners through competitive interest rates and patronage dividends. This variable interest rate reduction reflects Farm Credit East’s strong financial position along with the board’s commitment to the value of customer ownership.”
Farm Credit East CEO Bill Lipinski added, “Given Farm Credit East’s strong financial performance, we are able to reduce variable interest rates and remain on track to meet our financial goals. As the leading financial partner to the Northeast agriculture, commercial fishing and forest products industries, we are confident that this interest rate reduction is consistent with our long-term business objectives as we continue to focus on our customers’ growing business needs.”
–Farm Credit East