IFA is launching a pilot loan program to finance agricultural facilities, including grain storage facilities, and related equipment.
IFA 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. This program is designed to leverage private-sector lending capacity with IFA capital to support farmers across the State while maintaining the private lender’s role in underwriting and managing the loan.
On-site grain storage options help farmers avoid the high prices associated with transporting, holding, and accessing remote grain stores, while also giving them more control over when their grain is delivered to market.
Enterprises
Eligibility
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The purpose of the Pilot Program would be to offer loans and loan participations to finance the acquisition and development of an “agricultural facility” or “industrial project”, as such terms are defined in the Illinois Finance Authority Act (20 ILCS 3501/801-1, et seq.) (the “Act”), including agricultural grain storage facilities and related equipment.
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IFA will participate in portions of loans by private lenders.
Details
Organization
Financial Instrument
Loan
Total Program Funding
$2,000,000
Terms
The IFA will participate in portions of loans by private lenders, with an anticipated interest rate of 2%, reducing the lender’s capital commitment and sharing lending risk.
The Pilot Program would utilize an amount up to $2,000,000 lent at approximately 2% interest to support such projects. For potential participation loans, the Authority contemplates a participation purchase amount up to $500,000 with an interest rate of approximately 2% with loan terms up to 36 months.
Application Instructions
To learn more about the program, please contact Francisco Galliano.
Any loans or participations under the Pilot Program would be presented to the Members for approval prior to the making of such loan or loan participation.
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Updated November 5, 2026
Image Credit: Roger Starnes Sr
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