As planting season draws near, Illinois State Treasurer Michael Frerichs stopped by Litchfield Bank and Trust’s main branch Wednesday afternoon, April 17, and spoke with various officers about the Ag Invest program.

"When legislature is not in session, we go out and listen to constituents, citizens and partners to give our farmers and clients more opportunities and the best programs" said Frerichs.

The program has provided more affordable loan opportunities for Illinois farmers for over 36 years by working with their lender to reduce the interest rate. This enables borrowers to secure below-market rates for either one year or up to a possible nine years on the loan.

Loans may be used for the purchase of farm equipment, land, construction-related expenses or to provide operating lines of credit or other costs related to conventional or sustainable farming.

Farmers may qualify for affordable financing through two options, Annual Ag and Long-Term Ag/Value Added Ag.

Annual Ag is a one-year program that assists farmers with expenses associated with seed, fertilizer, salaries, fees, inventory, transportation cost, processing, milling, transitioning, crop insurance and other expenses. Through Annual Ag, there is a limit of one loan per calendar year not to exceed $400,000 per farmer, or $800,000 per farm operation.

Long-Term Ag/Value Added Ag is designed to help with capital expenditures such as machinery, construction/renovation, transportation, technology, processing, milling, livestock, specialty crops, land acquisition up to $400,000 and other costs. The limit for this option is multiple loans per calendar year up to $300,000. Projects greater than that are considered on a case-by-case basis.

For more information about loan opportunities, contact the treasurer’s office at 866-458-7327 or email aginvest@illinoistreasurer.gov.

As part of the Ag Invest program, Treasurer Frerichs also announced the seventh annual Cream of the Crop photo contest. Contestants may enter into three categories, ages eight to ten, 11 to 14, and 15 to 18. Winners will be featured on the new marketing materials for the Ag Invest program and will be displayed at the 2019 Illinois State Fair, DuQuoin State Fair and the State Capitol along with other recognitions.

"We hope students take the opportunity to showcase their creativity and learn more about Illinois agriculture," said Frerichs.

Fore more information about the contest, visit http://bit.ly/2UwGz27., call 217-558-6217 or email aginvest@illinoistreasurer.gov.