CoBank Commits $250,000 to Support Hurricane Ian Relief Efforts

DENVER (October 13, 2022) — CoBank, a cooperative bank that serves agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today it has committed $250,000 to support disaster relief efforts in the wake of Hurricane Ian.

The bank joined its partners, AgFirst, Farm Credit Bank of Texas and Farmer Mac, providing a joint $325,000 contribution to the American Red Cross to support relief efforts in communities impacted by hurricanes Fiona and Ian. In addition, CoBank has established a $150,000 fund that will match the disaster relief contributions of its customers. The fund will provide added support to the communities impacted by Hurricane Ian as long-term recovery efforts are launched.

Hurricane Ian, a dangerous Category 4 storm with maximum sustained winds recorded at 150 mph, first made landfall in southwestern Florida on September 28. After weakening to a tropical storm, Ian re-intensified and made landfall again in South Carolina on September 30—the first hurricane to hit the state in nearly six years.

The sheer force and intensity of Hurricane Ian has classified it as one of top hurricanes to strike the United States. As the coastal communities dig out from the wreckage and assess the damage, CoBank and its customers are committed to helping those affected through its disaster relief fund.

“The scope of damage resulting from Hurricane Ian has left hundreds of thousands of people in need of tremendous assistance,” said Thomas Halverson, CoBank’s president and chief executive officer. “We are proud to partner with AgFirst, Farm Credit Bank of Texas and Farmer Mac to support the efforts of the American Red Cross and we look forward to joining our customers to aid the other organizations that are providing vital assistance and resources to impacted communities. Our hearts are with those now facing the colossal aftermath of such a destructive, powerful storm.”

CoBank Matching Fund

CoBank’s Hurricane Ian Disaster Relief Fund will be available through November 15 or the point at which the fund is fully exhausted, whichever comes first. The fund will be operated on a first come, first served basis and is open to any CoBank customer or Farm Credit organization that contributes to support Hurricane Ian relief efforts. Each applicant may request up to $10,000. Preference will be given to customers operating within the impacted areas. Customers may apply for a matching grant by completing the application. Completed applications should be sent to Kelsey Cunningham at kcunningham@cobank.com . Questions about the program should be directed to Sherry Johnson, director of Corporate Social Responsibility at sjohnson@cobank.com or 303-740-6518.

Download the application form

About CoBank

CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 76,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

CoBank Launches 2022 Sharing Success Program

$5 million fund matches customer donations to charities across rural America

DENVER – March 24, 2022 – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced the launch of its annual Sharing Success program. The $5 million fund is a cornerstone of CoBank’s corporate citizenship efforts, matching donations by the bank’s customers to nonprofit organizations in their communities.

CoBank established Sharing Success in 2012. Since then, the bank and its customers have together contributed nearly $66 million to groups such as volunteer fire departments, local schools and hunger relief programs.

“CoBank’s customers embody the cooperative principle of concern for community,” said Thomas Halverson, CoBank’s president and chief executive officer. “Through charitable contributions and outreach they provide a helping hand to people and communities in need and support the programs and organizations that are helping rural communities to grow and thrive.”

“Sharing Success has been an important part of our citizenship program for ten years,” continued Halverson. “We are privileged to partner with our customers in their charitable efforts and look forward to the next decade of Sharing Success.”

The 2022 Sharing Success program launches April 1. This year, customers are asked to participate in a brief registration process that will allow for enhanced application tracking and management. When visiting the Sharing Success application page for the first time, customers will submit their name, organization name and email address. Once submitted, the customer will receive a verification code via email that will allow them to complete the registration process. If customers have an existing CoBank.com account, they can simply login with their email account. Once registered, customers can submit Sharing Success requests. CoBank will match up to four applications for a maximum match per customer of $10,000.

Sharing Success will run through September 30 or the point at which the $5 million fund is exhausted. Customers interested in participating should contact their CoBank relationship manager or visit the Sharing Success program page for detailed program requirements. The electronic application will be available on April 1 on CoBank.com.

About CoBank

CoBank is a $170 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 76,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

CoBank Renews No Barriers Program for Rural Veterans with Disabilities in 2022

 In-Person expeditions will take place in July and August

Applications accepted through June 1

 

DENVER (February 10, 2022) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that it has renewed its No Barriers program for rural veterans with disabilities for 2022. The bank is once again inviting customers to nominate disabled veterans from rural communities to participate in the program. CoBank-sponsored No Barriers expeditions will take place in July and August.

“The No Barriers program creates meaningful and life-changing experiences for veterans with disabilities,” said Thomas Halverson, president and chief executive officer of CoBank. “CoBank’s sponsorship allows us to partner with our customers to give back to the men and women who have sacrificed for their country through military service.”

“It’s been a challenging few years for everyone, but it’s been particularly difficult for some veterans who were already dealing with isolation or depression,” said Luis Gallardo, executive director, No Barriers USA. “That’s why we are excited to once again partner with CoBank and bring back our life-changing outdoor adventures for veterans with disabilities from all branches and eras of service. Together they will stretch, learn, and reconnect with other veterans as we empower them to believe that what’s within them is stronger than what’s in their way.”

CoBank partners with Colorado-based No Barriers to support the nonprofit’s Warriors program. A No Barriers Warriors expedition is an engaging and impactful experience designed to help veterans tackle personal challenges and create a catalyst for positive change. CoBank sponsors a series of four expeditions each year, covering the full cost of participation for up to 50 veterans. Approximately 300 veterans have participated in CoBank-sponsored No Barriers expeditions or taken part in an online curriculum.

Each CoBank-sponsored No Barriers experience includes a combination of online learning modules and meetups, as well as an expedition in the Colorado wilderness. Experienced staff and expedition leaders guide participants through a series of physically and mentally challenging experiences that can include rafting, rock climbing, hiking and more. Throughout the experience, veterans are asked to reflect on their past, recognize their present situation and explore future possibilities.

Nominees unable to participate in an in-person expedition are eligible to take part in Warriors At Home, a four-week, at-home course that connects veterans through guest speaker presentations, facilitated conversation and activity assignments. Whether they participate in person or at home, veterans will have the opportunity to explore the No Barriers Life and, in the process, transform their own lives.

Beginning February 10, CoBank customers can nominate an unlimited number of veterans from their communities to participate in the No Barriers Warriors program. Applications will be accepted through June 1. Additional information and program requirements are available on CoBank.com.

About CoBank

CoBank is a $155 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.

CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

About No Barriers USA

A non-profit organization based in Colorado, dedicated to helping people of all abilities find hope, optimism and resiliency for the future. Whether in our personal lives, at work, or in our communities, we all face challenges that can prevent us from living our best lives and reaching our full potential. No Barriers believes that what’s within you is stronger than what’s in your way. No Barriers empowers people of all walks of life to overcome obstacles, live a life of purpose, and give back to the world, all through their groundbreaking curriculum, the No Barriers Life. Learn more about the inclusive roadmap to break through challenges, build community and find strength through adversity at nobarriersusa.org.

 

CoBank Recognized as One of the Most Community-Minded Companies in Colorado

DENVER – November 10, 2021 – CoBank has been named an honoree of The Civic 50 Colorado by CSR Solutions of Colorado and Points of Light, the world’s largest organization dedicated to volunteer service. The award recognizes CoBank as one of the most community-minded companies in Colorado, determined by an independently administered and scored survey. The Civic 50 Colorado initiative, modeled after Points of Light’s national program, provides a standard for superior corporate citizenship and showcases how companies are using their time, talents, skills and resources to drive social impact in their company and communities.

The Civic 50 Colorado honorees were officially recognized during the Virtual Honoree Announcement on November 9, 2021. View the recording at csrsolutionsco.org.

“As a mission-based cooperative lender and member of the Farm Credit System, CoBank is committed to serving as a good corporate citizen. We live this everyday through community engagement initiatives that support everything from food access to economic development in the places where our customers and associates live and work and in rural communities across the country. We are grateful for the support of our customer-owners and our board whose own commitment to community provides a solid foundation for our efforts,” said Sherry Johnson, director of corporate social responsibility for CoBank.

The Civic 50 Colorado survey is administered by True Impact, a company specializing in helping organizations maximize and measure their social and business value and consists of quantitative and multiple-choice questions that inform scoring process.

For more information about The Civic 50 Colorado and this year’s honorees, visit: https://www.csrsolutionsco.org/aboutthecivic50colorado.html

About CoBank

CoBank is a $155 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.

CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

About CSR Solutions of Colorado

At CSR Solutions of Colorado, we believe that workplaces can DO BETTER BY DOING GOOD.  We offer a robust suite of cost-effective products and services, making it easy for workplaces large and small to build and grow their community strategies through volunteer engagement, philanthropic impact and community reputation. Let us help you create your company’s corporate social responsibility strategy and road map. For more information, visit www.csrsolutionsco.org.

About Points of Light

Points of Light – the world’s largest organization dedicated to volunteer service – mobilizes millions of people to take action that is changing the world. Through affiliates in 250 cities across 37 countries and in partnership with thousands of nonprofits and corporations, Points of Light engages 5 million volunteers in 20 million hours of service each year. We bring the power of people to bear where it’s needed most. For more information, go to www.pointsoflight.org.

CoBank Commits $100,000 to Support Hurricane Ida Relief Efforts

DENVER (September 16, 2021) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced it has committed $100,000 to support disaster relief efforts in the wake of Hurricane Ida. The bank has made immediate contributions including:

  • $50,000 to the American Red Cross as it works provide help from the Gulf Coast to the East Coast, especially in rural areas that were hard hit.
  • $15,000 to the Employees 1st Fund established by REV Broadband. REV Broadband’s service territory, located Southeast of New Orleans, took a direct hit from Ida and more than 100 of its employees suffered severe losses.
  • $10,000 to the Association of Louisiana Electric Cooperatives (ALEC) Hurricane Relief fund supporting electric cooperative employees and their families impacted by Hurricane Ida.
  • $5,000 to the Community Foundation of Middle Tennessee, which received CoBank support following recent flooding in the region. The contribution will support damage created by Ida in an area still recovering from the previous flooding event.
  • $5,000 to the Tennessee Electric Cooperative Employee Emergency Assistance Fund which continues to support those impacted by recent flooding and has seen compounded damage due to Hurricane Ida.

Understanding that additional needs will be identified as the bank’s impacted customers and the communities they serve continue to recover, remaining funds will be set aside for distribution to appropriate charitable organizations as long-term recovery efforts are launched.

Hurricane Ida, a Category 4 storm, made landfall on the 16th anniversary of Hurricane Katrina. With winds of 150 mph, it is estimated that this is the second-most damaging and intense hurricane to strike the state on record. Although the storm lost power as it moved into Mississippi, sustained rain caused severe flooding. More than one million consumers in the region were without power.

The Red Cross estimates that 5,000 – 10,000 homes have been destroyed. It is currently responding in Alabama, Connecticut, Florida, Louisiana, Maryland, Mississippi, Pennsylvania, New Jersey, New York, Rhode Island, Texas and Virginia with 2,000 volunteers either on the ground, or in transit. More than 1,800 people are currently in Red Cross shelters.

“The multi-state impact and scope of damage resulting from Hurricane Ida, along with widespread power outages, has left hundreds of thousands of people in need of tremendous assistance. We are deeply grateful to the American Red Cross and all of the organizations and volunteers that are providing their support,” said Thomas Halverson, CoBank’s president and chief executive officer. “We are committed to doing our part to help rural communities receive the assistance and resources vital to restoration.”

About CoBank

CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

CoBank Adds One Million Dollars to its 2021 Sharing Success Program

CoBank responds to strong customer participation in program to match donations to charities across rural America; increases fund to $5 million

 

DENVER – August 18, 2021 – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that its board of directors has unanimously approved increasing its annual Sharing Success program to $5 million for 2021 in response to strong customer participation. Sharing Success is a cornerstone of CoBank’s corporate citizenship efforts, matching donations by the bank’s cooperative and other eligible customers to nonprofit organizations in their communities.

Sharing Success runs each year from April 1 through October 31, or the point at which the fund is exhausted. CoBank launched its 2021 program with a $4 million matching fund, but a record number of customer applications soon made it clear that the match would be fully utilized long before the October closing date.

“I am always moved by the generosity of our customers and their commitment to support the rural communities that they call home,” said Thomas Halverson, CoBank President and Chief Executive Officer. “By increasing our 2021 Sharing Success fund by a further $1 million, CoBank’s board of directors has ensured our ability to continue doubling the efforts of our customers, for the benefit of rural America.”

CoBank’s Sharing Success program relies on the local knowledge and expertise of the bank’s customers to identify organizations and programs that are truly making a different in rural communities. Since the program was established in 2012, CoBank and its customers have together contributed more than $62 million to groups such as volunteer fire departments, local schools and hunger relief programs.

For 2021, CoBank will continue to match contributions of eligible customers on a dollar-for-dollar basis up to a maximum of $10,000 per customer. Customers interested in participating should contact their CoBank relationship manager or visit the Sharing Success program page for detailed program requirements.

About CoBank

CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.

CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

CoBank Launches 2021 Sharing Success Program

$4 million fund matches customer donations to charities across rural America

DENVER – March 30, 2021 – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced the launch of its annual Sharing Success program. The $4 million fund is a cornerstone of CoBank’s corporate citizenship efforts, matching donations by the bank’s cooperative and other eligible customers to nonprofit organizations in their communities.

Since Sharing Success was established in 2012, CoBank and its customers have together contributed more than $56 million to groups such as volunteer fire departments, local schools and hunger relief programs.

“Sharing Success has had a tremendous impact on rural communities for the past nine years,” said Tom Halverson, CoBank’s president and chief executive officer. “CoBank recognizes that our customers often know best where funding can most effectively be provided to benefit their communities and we are deeply grateful for their participation in the program. In the best cooperative tradition, we look forward to partnering with our customers once again to share our success for the benefit of communities across rural America.”

The 2021 program launches on April 1 and will run through October 31 or at which point the fund is exhausted, whichever comes first. The bank will match contributions of eligible customers on a dollar-for-dollar basis up to a maximum of $10,000 per customer. Customers interested in participating should contact their CoBank relationship manager or visit the Sharing Success program page for detailed program requirements.

The electronic application will be available on April 1 on CoBank.com.

About CoBank

CoBank is a $159 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.

CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

CoBank Announces $250,000 Contribution to NRECA International

Donation marks 10 years of support for rural electrification projects in developing countries through NRECA International.

CoBank, a cooperative bank serving the electric industry, agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that it will contribute $250,000 to support NRECA International’s rural electrification projects in developing countries.  This year’s donation marks the 10th consecutive year that CoBank has supported NRECA International, totaling over $2 million in contributions since 2011.

“CoBank is thankful that NRECA International has the determination and grit to move these programs forward in 2021 despite the challenges created by the global pandemic,” said Thomas Halverson, president and chief executive officer of CoBank. “The need to provide rural communities with access to safe, reliable and affordable electricity is greater than ever and we are proud to help fund NRECA International’s initiatives.”

This year’s donation will be used to fund the construction of a solar-powered mini grid for a rural village in Western Uganda. When complete, more than 500 people will have first time access to electricity. The grid will be managed by a local rural electric cooperative and will provide power to 115 homes, two schools and two grain processing mills.

Additionally, the donation will support communities and electric co-ops around the world through NRECA International’s Empowering Small Businesses to Strengthen Communities fundraising campaign. This campaign focuses on implementing productive use of electricity programs, to provide a new wave of entrepreneurs, especially women, with the means and knowledge to generate income using electricity.

“The decade of very generous CoBank support has allowed NRECA International to bring power to more than 4,500 people living in three dozen rural and remote communities around the globe,” said Dan Waddle, senior vice president, NRECA International. “We are deeply grateful for their belief in our mission and ongoing generosity. We look forward to our continued partnership and the opportunities it will create for rural communities around the world.”

Serving as a non-profit corporation, NRECA International is an affiliate of the National Rural Electric Cooperative Association, a national trade association representing more than 900 local electric cooperatives across the United States. CoBank’s support helps to bring NRECA International’s global rural electrification projects to fruition and supports the volunteer efforts of U.S.-based rural electric cooperatives that generously donate the time and expertise of their own employees to help transition many of these projects from opportunity to reality. A portion of CoBank’s financial gifts help to defray the total cost of volunteer projects, thus reducing the amount of financial support each cooperative is required to provide on their own.

About CoBank

CoBank is a $159 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.

CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

Leading Cooperatives Partner to Support Disaster Relief Efforts Following Deadly Winter Storms

CHS, CoBank and Land O’Lakes donated combined $100,000 to American Red Cross and Texas and Southwestern Cattle Raisers Association

 

DENVER (Feb. 22, 2021) — Three of the nation’s leading agriculture cooperatives serving communities across rural America today announced they are partnering to support relief efforts in Texas following devastating winter storms, freezing temperatures and widespread power outages. CHS Inc., CoBank and Land O’Lakes, Inc., will together donate $100,000 to support the American Red Cross and the Texas and Southwestern Cattle Raisers Association.

Freezing temperatures, ice and snow caused millions of people across Texas to lose power and heat. More than 14 million residents also reported disruption to water services, as frozen pipes burst in homes and power failures affected water treatment plants. While power has been restored to many, millions still face water shortages or boil water orders.

“The recent winter storms have caused damage and impacted people across five states, but the havoc experienced in Texas is unprecedented,” said Thomas Halverson, president and CEO of CoBank. “As power and other services begin to be restored, people and communities continue to need support to meet their most basic needs and to begin the recovery process. CoBank is proud to join CHS and Land O’ Lakes to do our part and to offer support to those in need.”

The American Red Cross has partnered with community organizations throughout Texas to operate shelters and warming centers, providing emergency lodging, food and water, or just a place to get out of the cold.

Understanding the impact these storms will have on the state’s cattle industry, the Texas and Southwestern Cattle Raisers Association has established an emergency fund that will be used to support the needs of producers across the state.

“The winter storms in Texas have been devastating and many families are struggling to meet daily needs. Especially impacted are farmers and ranchers who worked tirelessly to keep livestock warm, fed and watered while waiting for temperatures to improve and power to be restored,” said Jay Debertin, president and CEO of CHS. “Supporting the American Red Cross and Texas and Southwestern Cattle Raisers Association emergency fund will help support the rural communities and families most in need as they recover.”

As cooperative organizations, CHS, CoBank and Land O’ Lakes are committed to giving back to the communities they serve. In recent years, the organizations have joined forces to provide aid to communities in need and to multiply the impact of their philanthropic dollars.

“As a nearly 100-year-old, farmer-owned cooperative, we know that we do better when we help our neighbors. Land O’Lakes is privileged to join CHS and CoBank in supporting the vibrant rural communities that continue to feed our country,” said Beth Ford, president and CEO of Land O’Lakes, Inc.

About CHS

CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, agronomy, grains and foods, CHS is committed to creating connections to empower agriculture, helping its farmer-owners, customers and other stakeholders grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, seed, crop protection products, grain marketing services, production and agricultural services, animal nutrition products, foods and food ingredients, and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.

About CoBank

CoBank is a $148 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

About Land O’Lakes

Land O’Lakes, Inc., one of America’s premier agribusiness and food companies, is a member-owned cooperative with industry-leading operations that span the spectrum from agricultural production to consumer foods. With 2019 annual sales of $14 billion, Land O’Lakes is one of the nation’s largest cooperatives, ranking 212 on the Fortune 500. Building on a legacy of more than 99 years of operation, Land O’Lakes today operates some of the most respected brands and businesses in agriculture and food production including Land O’Lakes Dairy Foods, Purina Animal Nutrition, WinField United and Truterra, LLC. The company does business in all 50 states and more than 60 countries. Land O’Lakes, Inc. corporate headquarters are located in Arden Hills, Minn.

CoBank Re-Opens Lending through the U.S. Small Business Administration’s Paycheck Protection Program

DENVER (January 13, 2020) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today that it has re-opened lending to small businesses under the Small Business Administration’s Paycheck Protection Program, a key part of the federal government’s economic relief response to the COVID-19 pandemic.

The SBA, in consultation with the Treasury Department, has renewed the PPP program to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

CoBank is now accepting loan applications for eligible borrowers that want to participate in the program. The bank has established a dedicated team to process these loans as quickly and efficiently as possible.

“The first round of the Paycheck Protection Program in 2020 was critical in helping our customers during a period of significant economic dislocation related to the COVID-19 crisis,” said Eric Itambo, CoBank’s chief banking officer. “The CoBank team is pleased to participate in this second round as we continue supporting customers and their workers.”

The PPP is an important component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress in 2020. The program provides 100% federally guaranteed loans to small businesses with forgiveness of outstanding principal plus accrued interest, assuming key conditions have been met. The program helps businesses cover costs related to payroll and benefits as well as rent, utilities and interest on mortgages during the coronavirus outbreak. The second round includes important updates which are available at sba.gov.

To begin the application process for a PPP loan, CoBank customers should reach out to their relationship manager and additional resources are available at cobank.com/sba-ppp.

About CoBank

CoBank is a $148 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 70,000 farmers, ranchers and other rural borrowers in 23 states around the country.

CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.