Garden Valley Technologies (GVT) is grateful for the overwhelming interest and participation in its recent pilot program, the 50% Discounted Capital Credit Payout Program. The response to this initiative, designed to payout capital credits to our members earlier than a standard retirement, has exceeded all expectations.
With 5844 applications received, it demonstrated how eager members were for the opportunity to collect their capital credits, even at a 50% discounted rate. In fact, because of the tremendous response, GVT reached the $3 million cap the very first day, Monday, October 9th, at approximately 9:15am. We understand this may be disappointing for those members who did not get their application in before meeting the cap, but we want to be transparent and ensure that our members are well-informed.
“We anticipated a lot of interest, but the response greatly exceeded our expectations,” said Tim Brinkman, CEO/General Manager at GVT. “We are proud of this program’s success and the overwhelming participation of our members.”
The statistics behind the program’s success include:
- 28% of allocated capital credits were requested.
- 1,543 in-person applications were submitted.
- 4,301 online applications were submitted.
- Over 1,200 members will receive the discounted payout.
- Over $10 million in discounted capital credits were requested.
- 72% of capital credit payouts went to residential members and 28% went to businesses, churches, schools, etc.
“While we experienced a brief website slowdown due to a surge in traffic, we are pleased to report that it remained operational, processing an average of 100 online applications per minute from 9:01 to 9:10 am,” Brinkman added. “We also accepted over 1,000 in-person applications in Bagley, Erskine, and Thief River Falls in the first couple of hours.”
For those who missed out on the discounted payout, GVT assures members that they will retain 100% of their capital credit balance. Moving forward, members can expect the GVT Board-approved regular capital credit payout in May, and active services will continue to accrue capital credits.
As of now, GVT has not confirmed whether a discounted payout will be offered in the future, but the company remains committed to its quarterly 85+ payouts and the annual capital credit payout in May.
The Board approved the list of payouts at their November 28th meeting, and notifications to applicants regarding their eligibility for the discounted payout were sent on December 4th. Members slated to receive a payout check can expect it in the mail before Christmas.
“We extend our sincere appreciation to our members for making this program a resounding success,” concluded Brinkman. “As we move forward, we will keep members informed of potential future opportunities like this one, guided by the interests and needs of our members and the financial strength of GVT.”