The Story of Farm Credit, Rural America's Cooperative Lender
When W.S. and Mary Smith of Grayson County, Texas, signed their loan with the Van Alstyne National Farm Loan Association (NFLA) on May 22, 1917, it is doubtful they realized they were making history.
Like many of their neighbors, the Smiths simply wanted a better deal for their farm loan than the 8 percent interest rate they were paying another lender. They found it in the 5 percent rate offered through the new lending cooperative in their rural North Texas community. And in so doing, they became the first Farm Credit borrowers in the original Tenth Farm Credit District — now commonly referred to as the Texas District. More >