State Beginning Farmer Loan Programs

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Illinois Beginning Farmer Bond Program

The purpose of the Beginning Farmer Bond Program is to provide affordable financing to new, low net worth farmers for financing capital purchases. The Illinois Finance Authority (IFA) works with the borrower's local lender to provide this financing. IFA issues a tax exempt bond for the amount and with the terms of the loan. Because the interest income to the lender is exempt from federal income tax, the lender is able to charge a lower rate to the borrower.

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