State to Offer Pilot Loan Program for Grain Storage

Illinois farmers may soon get help building more on-site grain storage. Governor J.B. Pritzker and the Illinois Finance Authority announced a new pilot loan program Wednesday aimed at improving access to financing for storage construction. Under the plan, the IFA will participate in portions of loans made by private lenders, helping reduce the lender’s capital commitment while also sharing some of the lending risk. The governor’s office says the program is expected to offer an interest rate around 2 percent. Supporters say added grain storage can give farmers more flexibility after harvest and help them better manage market timing.