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FOR IMMEDIATE RELEASE
October 9, 2008

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AgChoice Applauds General Assembly and Governor Rendell for Giving Farmers More Choices in Financing    

MECHANICSBURG – AgChoice Farm Credit applauds the General Assembly for passing a bill that gives farmers more choices in deciding which financial institution to use to fund their growing businesses. Governor Ed Rendell recently signed the bill (Senate Bill 768) into law.

"This new law will give farmers, who work with Farm Credit Associations, the ability to work with their Farm Credit representative in seeking state guaranteed loans to expand their business and create jobs," said Jeffrey Raney, a Crawford County farmer and chairman of AgChoice Farm Credit. "I want to thank our state lawmakers and Governor Rendell for giving farmers more options for financing their agriculture businesses."

Raney thanked the following state lawmakers for their leadership: Sen. Jane Orie, R-Allegheny; Sen. Don White, R-Indiana; Sen. Michael Brubaker, R-Lancaster; Rep. Scott Conklin, D-Centre; Rep. Michael Hanna, D-Clinton, and Rep. Art Hershey, R-Chester. Raney also thanked Department of Community and Economic Development Secretary Dennis Yablonsky and Agriculture Secretary Dennis Wolff for their support of the legislation.

The new law allows Farm Credit Associations to participate in the guarantees provided through the state-funded First Industries Fund. When the General Assembly created the program in 2004, the language of the bill defining a "commercial lender" excluded Farm Credit Associations from participating. Farm Credit Associations fund agriculture and forest products industries across Pennsylvania.

AgChoice Farm Credit is an Agricultural Credit Association with more than $1.5 billion in gross loan assets. Through 10 branch offices, it provides financial services to a chartered territory consisting of 7,500 customer-owners in 52 counties in central, western and northern Pennsylvania as well as four counties in West Virginia. To learn more about AgChoice Farm Credit and its financial programs, visit www.agchoice.com.