State Guarantee Program for Agri-Industries


  • Lorrie Karcher, Program Administrator
  • Illinois Finance Authority
  • 2929 Broadway, Suite 7B
  • Vernon, IL 62864
  • Phone: (618) 244-2424
  • Fax: (618) 244-2433
  • TDD:
  • Email: lkarcher@il-fa.com
  • Website Link

Purpose of the Program

This program is designed to provide lenders with a guarantee on loans to diversified types of agribusinesses or to farmers diversifying their operations.

Who is Eligible

To be eligible, a project must further process or add value to commodities produced in Illinois and/or raise products not commonly produced in Illinois. The interest rate must be less than the market rate of interest generally available to the borrower. The maximum loan term is 15 years. The state guarantees 85 percent of outstanding principal and interest.

Program Summary:

Application Process

Applicants and their local lenders work together to fill out an application which is then reviewed by IFA.

Availability of Funds

Yes

How Funds are to be used

The funds must be used for capital purchases of business assets.

Types of Assistance

guaranteed loans

Year Program was established

1988