Industrial
State Guarantee Program for Agri-Industries
This program is designed for agribusinesses that wish to diversify into new
enterprises or to further process existing crops or livestock. Loans can
be made to farmers or agribusinesses to purchase new or used property,
equipment, or other capital items that will be used for one of the following
purposes:
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Growth and development of new crops or livestock not customarily grown in
Illinois, or
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The further processing of grain or livestock grown in the state.
Loans are made through a local lender who receives an 85% guarantee on the
principal and interest of the loan. The interest rate can be variable or
fixed and must be less than the market rate of interest generally available to
the borrower.
Eligibility requirements include:
-
Illinois resident at least 18 years old;
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Principal operator of a farm or land;
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at least 50% of gross income is from farming;
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Gross income is at least $20,000 based on previous years tax return;
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Net worth is less than $500,000;
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An agribusiness must be located in Illinois and the products used must be grown
in Illinois currently or soon to be;
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Cash flow and collateral must be adequate for the loan.
Program Summary and Application
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