State Senator Patrick Joyce is encouraging local farmers to apply for a new pilot loan program through the Illinois Finance Authority. The program is designed to help farmers secure financing to construct on-site grain storage facilities during a period of rising agricultural costs.

According to a Purdue University survey, 52 percent of farmers identified higher input costs as their biggest concern, while 54 percent said those costs were preventing improvements in their financial situation. On-site grain storage allows farmers to hold crops and sell them when market prices are more favorable, potentially increasing profits.

Through the program, the Illinois Finance Authority will share lending risks with private lenders, making financing more accessible and affordable for farmers seeking to expand their storage capabilities.