SPRINGFIELD – Young and beginning farmers often face substantial barriers when entering the agricultural industry. Along with high capital requirement early on, new farmers face intense pressure to manage cash flow while paying for equipment and infrastructure. In order to help new farmers get on their feet, State Senator Patrick Joyce advanced a measure that would assist first-time farmers with purchasing new equipment and real estate in light of changing economic conditions.

“With tariffs and the price of land continuing to squeeze farmers in Illinois, input costs can seem like an impossible hurdle for prospective farmers trying to get their foot in the door,” said Joyce (D-Essex). “Agriculture is still a top industry in the state. We must continue fostering growth in this vital sector.”

The Illinois Finance Authority, through their First-Time Farmer Bond Program, provides tax-exempt, lower-interest financing to help new farmers purchase farmland and make improvements.

Senate Bill 3019 would ensure the Illinois Finance Authority has the ability to assist first-time farmers with purchasing new equipment and real estate by removing a provision that individuals who have a net worth exceeding $500,000 may not receive any bonds.

Joyce emphasized that as the cost of land and equipment continue to increase, it is important to keep bond limits at pace with the true rate of inflation. Removing the net worth limit for new equipment purchases would clear up confusion, allow the program to adapt to changing economic conditions and increase participation.

“Growing up as a farmer, I know all of the trials and tribulations that come with this life,” said Joyce. “To build something from the ground up and see it succeed is never easy, but it is worth it. Let’s give young farmers the same opportunity to make something of themselves.”

Senate Bill 3019 passed the Senate Financial Institutions Committee Wednesday with bipartisan support.