State announces loan program for farmers
Illinois—llinois Treasurer Dan Rutherford on Monday 18 announced a low-interest loan program for farmers in conjunction with the Illinois Farm Bureau.
The program, Ag Invest, has the treasurer’s office partner with eligible lenders to offer farmers low-interest loans they can use for operating costs, equipment purchases, construction-related expenses and livestock purchases.
Rutherford’s Ag Invest loan program offers interest rates not to exceed 4.5 percent for qualified borrowers at participating financial institutions.
“In partnership with these lenders, it is our desire to bring farmers an opportunity to pay less interest for operating expenses,” Rutherford said.
The treasurer announced borrowers can now have access to $120,000 annually per farmer or $240,000 annually for a farm operation with more than one borrower. Rutherford is also making the Ag Invest loan process less cumbersome for both lenders and farmers, eliminating lengthy paperwork and tedious questions.
Illinois Farm Bureau President Philip Nelson said these changes to Ag Invest are key for farmers who rely on borrowing heavily to do their work.
“Farming is a capital intensive industry and having access to capital is important to farmers,” said Nelson. “This is a positive step the state can take to assist our largest industry.”
One may find out more about Ag Invest at the treasurer’s website at www.treasurer.il.gov and follow the Ag Invest links under the Invest in Illinois tab. To find a participating financial institution offering Ag Invest loans, one can call the Ag Invest office at (217) 557-6436.