Gov. Pritzker Announces Grain Storage Loan Program to Support Illinois Farmers

GARDNER – Today, Governor JB Pritzker and the Illinois Finance Authority (IFA) announced the launch of a pilot loan program to assist farmers across the state by connecting them with the capital needed to construct on-site grain storage facilities. The low-interest loan program will reduce the long-term costs of remote storage and improve overall harvest efficiency. The announcement builds on the Governor’s efforts to support Illinois farm families facing rising input costs, damaging tariffs, and economic uncertainty.

“Illinois farmers feed the world, but they are under attack – not by drought or flooding, by pests or disease – but by the reckless policies of the Trump administration,” said Governor JB Pritzker. “Through the Illinois Finance Authority, we are providing low-interest loans to finance grain storage facilities and the equipment needed to operate them, giving farmers the flexibility to navigate the market and compete on their own terms. Our farmers need all the support we can give, and we’re doing exactly that.”

“In Trump's affordability crisis, the people who put food on the table need our help,” said Lieutenant Governor Juliana Stratton. “By making sure financing is accessible, Illinois is making sure our farmers are not left behind. As our number one industry, agriculture supports all Illinoisans — these loans help return the favor while investing in our future.”

Lower Costs and Greater Flexibility for Farmers

On-site grain storage options help farmers avoid the high prices associated with transporting, holding, and accessing remote grain stores, while also giving them more control over when their grain is delivered to market. This means that time and labor can be used more effectively, reducing operational costs and improving overall harvest efficiency.

Additionally, on-site grain storage provides farmers with the ability to store and sell grain later when prices are higher, allowing them to capitalize on market demand and see higher profits.

However, the significant up-front capital needed to build grain storage facilities can put a financial strain on farmers with less access to funds or established credit. Others with access to financing are still struggling to find affordable loan options, at a time when Trump’s reckless economic agenda has increased costs for farmers substantially.

In response, the Illinois Finance Authority (IFA) has developed a pilot loan structure that contributes IFA capital to private sector loans, securing financing for farmers even in uncertain market conditions. The IFA will participate in portions of loans by private lenders, with an anticipated interest rate of 2%, reducing the lender’s capital commitment and sharing lending risk.

This program will make loans more affordable and harvest efficiency possible for farmers in Illinois.

“We appreciate Governor Pritzker’s efforts to support Illinois farmers and help them make important investments in their equipment and operations,” said Illinois Department of Agriculture Director Jerry Costello II. “Making financing more accessible for grain storage, facilities, and equipment will help farmers grow their businesses and strengthen our state’s number one industry.”

“The Illinois Finance Authority and Climate Bank is proud to launch this pilot program and explore new ways to leverage private capital in support of Illinois farmers,” said Illinois Finance Authority Chair Will Hobert. “By helping to expand access to financing, we can support farmers as they invest in the long-term strength and resilience of their operations.”

Standing Up for Illinois Farmers

Trump’s war with Iran has saddled farmers with historically high input costs, including climbing gas prices. Gov. Pritzker has taken decisive action to address this crisis, issuing a state disaster proclamation and signing Executive Order 2026-08 to provide relief on diesel costs. Previously, the Governor called upon Congressional leaders to pass legislation permanently allowing year-round sales of E15 gasoline – commonly produced from corn – to address rising gas costs and support stronger, more stable agricultural markets in Illinois.

Other efforts include:

Governor Pritzker continues to stand up for Illinois farm communities – from joining them at the kitchen table to hear firsthand how they have been impacted by Trump’s tariffs, to taking action to protect farmers and their families from further harm.

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