As Illinois farmers face rising operating costs, the Illinois Finance Authority (IFA) has launched a new pilot loan program aimed at helping farmers expand their on-site grain storage capacity.
The program is expected to offer loans at a low interest rate of 2% to help farmers finance the construction or expansion of on-site grain storage facilities.
By increasing their storage capacity, farmers can reduce transportation and off-site storage costs while gaining greater flexibility in deciding when to sell their grain. Rather than selling immediately after harvest when prices may be lower, farmers can store their grain and wait to sell at a later date when it would be more profitable.
Additional details, including eligibility requirements and application instructions, are expected to be released later.
For more information about the program, farmers can contact Francisco Galliano at fgalliano@il-fa.com.