CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, is renewing its "Sharing Success" charitable contribution program for 2014.
The bank's board of directors has approved a commitment of $3 million for the program, which will be used to match donations by cooperative customers to nonprofit organizations in their communities. The bank will match donations on a dollar-for-dollar basis, from a minimum of $1,000 up to a maximum of $5,000 per customer. Since CoBank first launched the program in 2012 it has generated more than $9 million for non-profits throughout the country, predominantly in rural areas.
"We continue to believe that the best way for CoBank to make a meaningful impact in terms of corporate citizenship is to partner with our customers," said Bob Engel, CoBank's chief executive officer. "Across rural America, cooperatives of all kinds are supporting charitable organizations and working to advance the growth and development of their communities. Sharing Success enables CoBank to leverage that local knowledge and expertise and provide assistance to causes that our customers care deeply about."
CoBank will begin formally accepting applications for funding from customers on May 1. The program will run through November 30, 2014 or the point when the fund is exhausted, whichever comes first. Cooperatives interested in participating should contact their CoBank relationship manager for an application and detailed program requirements.
Engel noted that more than 600 cooperatives that borrow from CoBank took part in the Sharing Success program in 2013. "We hope even more of our customers participate this year and take advantage of this opportunity to increase the power of their local giving," Engel said. "We look forward to joining with our customers through the program and sharing our success with them, in the best cooperative tradition."
Additional information about the "Sharing Success" program, along with an application form, is available at www.cobank.com/sharingsuccess.