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Illinois expands farm loan program

Wednesday, May 26, 2010

Farmers in Illinois may have access to additional funds.
Farmers in Illinois may have access to additional funds.

Those who use farm equipment in the Land of Lincoln may find benefits through a recent action by the state's head executive.

Governor Pat Quinn recently signed a bill into law that will give more access to the state-backed loans for farmers and agribusinesses made available because of the Illinois Finance Authority. Through his action, Quinn increased the amount of working capital available to producers through the program.

"With most farms just having completed their spring planting, we know money can be tight and quick access to capital can be challenging," Quinn said. "This new law will help farmers ease cash flow through the growing season."

People interested in the program can apply for a loan through banks and lending organizations in the state. Interest rates for the loans will be determined by the lending market.

While the state is making money more accessible for farmers, efforts are also being pursued at the federal level. For example, the U.S. Department of Agriculture recently announced a program that makes it easier for lower-income and minority farmers to gain secure land from farmers and ranchers looking to retire.ADNFCR-2034-ID-19801910-ADNFCR

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