A commitment to the family farm
For many years, Joe Bell and his sons, Scott and Matt, have partnered with Southern AgCredit. However, they rarely step foot in the lending association’s office.
“The lender has always come to me,” Matt said. “Either met me in the field, met me in my home, met me where I needed them to, to do business and conduct business. And that’s always been important to me.”
The Bell family owns Bell Livestock, Inc. and Bell Farms Inc., which operate cattle, poultry and row crop operations in central Mississippi. They have farmed the land for generations and have partnered with Southern AgCredit for over three decades.
“They understand the business, as I go to them for funding needs for cattle or for row crop operations,” Matt said. “They understand my needs, they understand the challenges that I face and have always been willing to work with me no matter what the situation is or what the demands of my business are.”
As a part of the Farm Credit System, Southern AgCredit is committed to serving farmers and ranchers in good times and bad. For the Bells, this understanding of agriculture’s ever-shifting nature is invaluable.
“They understand that we’re going to have good years and bad years,” Matt said.
The value of a Farm Credit partnership
Like all Farm Credit associations, Southern AgCredit is a cooperative owned by its customers. As borrower-owners, the Bells contribute to and share in the organization’s success, which Farm Credit co-ops distribute as annual patronage.
“Annual patronage is very important,” Scott said. “Most people don’t understand patronage until they receive it for the first time. And when you receive that payment in the mail, you immediately understand the value of being a member of Southern AgCredit.”
The net income generated by Farm Credit institutions can be used in only two ways: retained as capital to build financial strength or passed to borrower-owners as patronage dividends. These dividends lower the cost of borrowing for producers across the country, including the Bells.
“The lender model of Southern AgCredit has been important to me versus other banks because it feels like they’re a partner with me,” Matt said. “With the patronage refunds on interest, that’s been extremely important to lower my interest rates and provide cash flow back to the business when I need it.”
His father, Joe, puts it simply: “Any time you get money, that’s good.”
As the Bells look toward the future, Scott is confident that the lasting partnership with Southern AgCredit will keep the family’s Mississippi farm available for the next generation.
“I want them to have the opportunity to come back to the farm if they want to,” he said. “And I believe an association like Southern AgCredit will allow them if they so desire.”
