KANKAKEE – In order to support farmers during times of economic uncertainty, State Senator Patrick Joyce is encouraging local farmers to apply for a new pilot loan program through the Illinois Finance Authority. The program is designed to assist farmers across the state by connecting them with the capital needed to construct on-site grain storage facilities.
“As a farmer, I’ve seen firsthand the effects of the federal administration’s policies,” said Joyce (D-Essex). “Input costs have been on the rise for far too long. At a time when farmers are struggling to keep their heads above ground, we need to do everything we can to support Illinois’ biggest industry.”
Higher input costs have emerged as producers’ biggest concern. A record 52% of farmers surveyed by Purdue University identified input costs as their top concern, while 54% said high input costs were the primary factor preventing improvement in their farm’s financial situation.
On-site grain storage provides farmers with the ability to store and sell grain later when prices are higher, allowing them to capitalize on market demand and see higher profits. However, the significant up-front capital needed to build grain storage facilities can put a financial strain on farmers with less access to funds or established credit.
The Illinois Finance Authority will participate in portions of loans by private lenders. By reducing the lender’s capital commitment and sharing lending risk, the program can help make financing more accessible and affordable for farmers.
More information on the pilot loan program can be found here.
