Thanks to a program which allows farmers and rural residents to convert their existing loans to lower interest rates, almost 15,000 Farm Credit Services of Mid-America customers have saved significant interest dollars in 2011. That’s the number of customers who took advantage of FCS’s Conversion Program, converting $2.72 billion in loans to lower interest rates, and slicing an average of .50 percent off their interest costs. Estimated customer savings is $13.6 million annually.
“More than 50 percent of our conversion activity has occurred in August,” said Bill Johnson, president and chief executive officer stating that interest rates have once again dropped to near all-time lows. “This month alone, staff has converted almost 7,500 customer loans,” he said. That represents $1.37 billion in loan volume saving customers an estimated $6.8 million annually.