With Illinois farmers facing rising operating costs and uncertain market conditions, a new loan program could provide some much-needed financial flexibility.
The Illinois Finance Authority (IFA) has announced a pilot program offering loans at an expected 2% interest rate to help farmers build or expand on-site grain storage facilities.
Additional storage capacity can help farmers reduce transportation and storage expenses while giving them greater control over when they sell their grain. Rather than selling immediately after harvest, when prices may be lower, farmers can hold onto their crops and potentially take advantage of better market conditions.
Agriculture is a vital part of our local economy, and I believe giving farmers more opportunities to strengthen their operations and remain competitive is important.
The program will utilize privately financed loans, with additional eligibility and application details expected to be announced.
Farmers interested in learning more can contact Francisco Galliano at fgalliano@il-fa.com.
