Bill > SB1776

This bill amends the Illinois Finance Authority Act to expand financial support for young farmers by increasing loan guarantee limits and adding new provisions for educational and rental expenses. Specifically, the bill raises the maximum State Guarantee for the Young Farmer Loan Guarantee Program from $500,000 to $1,000,000 per young farmer, and now allows these guarantees to cover tuition debt for post-secondary education in agriculture fields. Additionally, the bill expands the Working Capital Loan Guarantee Program to permit State Guarantees for rental payments for land leased to farmers, with a maximum guarantee of $500,000 per borrower. The legislation defines a young farmer as an Illinois resident at least 18 years old who is a principal farm operator, derives at least 50% of annual income from farming, and meets specific financial criteria. The bill aims to provide more financial flexibility and support for young farmers by increasing loan limits and broadening the types of expenses that can be financed through these state-guaranteed loan programs, helping to address financial challenges in the agricultural sector and support the next generation of farmers.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1776&GAID=18&DocTypeID=SB&SessionID=114&GA=104