News

More funds available to first time Illinois land buyers

The agriculture financing program offered by the Illinois Finance Authority is boosting the amount of money farmers can borrow through its Beginning Farmer Bond Program.

Funds available to eligible first-time farmers in 2010 are nearly doubled, to just over $470,000, according to a news release issued by the Illinois Finance Authority. The limit has been $250,000, and because the lending limit is now linked to an inflationary index, the IFA says the program’s lending ceiling could continue to rise each year.

No farming experience is needed to take advantage of the program and it’s open to Illinois residents who are at least 18-years-old and are buying farmland within Illinois. Eligible borrowers must own little or no farmland and have a net worth less than a $500,000 prior to the proposed land purchase.