Illinois SB 1776: FINANCE-YOUNG FARMER

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1776

Introduced 2/6/2025, by Sen. Michael W. Halpin - Doris Turner 

SYNOPSIS AS INTRODUCED:

20 ILCS 3501/830-45

20 ILCS 3501/830-55

 Amends the Illinois Finance Authority Act. In provisions concerning the Young Farmer Loan Guarantee Program, provides that State Guarantees under the program shall not exceed $1,000,000 (currently $500,000) per young farmer. Provides that the Illinois Finance Authority is authorized to issue State Guarantees to lenders for loans to finance or refinance tuition debt incurred by or on behalf of an eligible farmer for post-secondary education in an agriculture field. Provides that the Illinois Finance Authority may use moneys under the Working Capital Loan Guarantee Program to finance rental payments for land leased to the farmer. Provides that State Guarantees provided under the Working Capital Loan Guarantee Program may not exceed $500,000 per borrower. Effective immediately

LRB104 11449 HLH 21537 b

A BILL FOR

SB1776LRB104 11449 HLH 21537 b

1 AN ACT concerning finance.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Finance Authority Act is amended 

5by changing Sections 830-45 and 830-55 as follows:

6 (20 ILCS 3501/830-45)

7 Sec. 830-45. Young Farmer Loan Guarantee Program. 

8 (a) The Authority is authorized to issue State Guarantees 

9to lenders for loans to finance or refinance debts of young 

10farmers. For the purposes of this Section, a young farmer is a 

11resident of Illinois who is at least 18 years of age and who is 

12a principal operator of a farm or land, who derives at least 

1350% of annual gross income from farming, whose net worth is no