National Rural Utilities Cooperative Finance Corporation (CFC) is a nonprofit, member-owned cooperative that lends money to rural electric cooperatives across the U.S. CFC exists to supplement loan programs from the USDA's Rural Utilities Service, the primary federal lender to rural electric cooperatives. CFC's members are rural electric cooperatives that distribute power to roughly 42 million people across 48 states. CFC lends to these cooperatives for infrastructure construction, system upgrades, acquisitions, and ongoing operations, and also provides credit enhancements and short-term liquidity products. CFC holds approximately $30.6B in long-term non-RUS loans to electric members, representing roughly 44% of the non-RUS rural electric long-term debt market. CFC funds itself by issuing debt in capital markets, then lending those proceeds to members at a modest spread designed to cover operating costs rather than maximize profit. As a cooperative, CFC allocates substantially all net earnings back to members as patronage capital, effectively reducing members' borrowing costs over time. CFC's consolidated subsidiary, NCSC, extends the same lending model to electric-adjacent entities, renewable energy project developers, and rural telecom companies. A growing area for CFC is broadband lending, as rural electric cooperatives increasingly use fiber infrastructure to offer broadband services; CFC's broadband-related loan portfolio has grown to approximately $3.4B.