CFC is a member-owned nonprofit cooperative that provides financing to rural electric cooperatives across the United States. CFC supplements federal loan programs by offering credit to the not-for-profit systems that deliver electricity to rural communities. CFC provides long-term loans for infrastructure construction, system upgrades, equipment, and acquisitions, alongside lines of credit and debt guarantees. CFC operates two segments: the main CFC entity, which lends to non-profit cooperatives, and NCSC, a subsidiary that serves for-profit affiliates and rural telecom carriers. The CFC business model relies on borrowing funds in capital markets at institutional rates and on-lending to members at a modest spread. Because CFC is a cooperative, the entity's primary objective is providing low-cost financing rather than profit maximization. CFC returns net earnings to members as patronage capital, which reduces the effective cost of borrowing. The CFC strategy aligns with the capital investment cycles of its members, focusing on grid modernization, reliability upgrades, and broadband expansion. CFC prioritizes deepening its share of debt within the existing member base over expanding into new markets or taking on riskier credit profiles.