“The linked deposit reduces my interest costs at a time when interest rates and input costs are going up,” Cooper said. “Anything you can do to reduce costs while expenses are going up is a good thing.”

Roger Cooper
sixth generation farmer
 
   
 
  Through the Cultivate Annual loan program, the Treasurer’s Office helps farmers pay their annual start-up costs associated with seed, fertilizer, plants, crop insurance and other expenses.

Helping farmers is a top priority of the Treasurer’s Office. We’re proud to offer these agricultural and environmental loans to the farmers of Illinois.

Please contact our office for more information about the loan possibilities for your farm by emailing Cultivate Illinois at cultivateillinois@treasurer.state.il.us or calling (217) 782-2072.

Uses of Cultivate Illinois Annual loans can include:

  • Seed, feed, fertilizer
  • Plants
  • Chemicals
  • Cash Rent
  • Crop Insurance
  • Purchase of livestock/breeding stock
  • Production-related energy and labor expenses
  • Veterinarian costs
  • New or used farm equipment
  • Construction
  • Irrigation and soil and water conservation

Uses of Cultivate Illinois Annual loans cannot include:

  • Land acquisition
  • Refinancing
  • Research or feasibility studies
  • Moving or landscaping equipment
  • Two wheel drive or four wheel drive (full ton or lighter) trucks
  • Loan application fees
  • Other expenses not deemed part of a typical annual operating budget

Amounts and Terms:

  • Applicants can apply as a single borrower or as a farm entity that consists of the group of borrowers who run your operation. Loans are issued for annual operating expenses in amounts up to $200,000 for a single borrower or $400,000 for a farm operation.
  • The below-market rate interest rate is available for one year.

Interest Rates:

Interest rates are quoted daily here or you may call the Treasurer’s Office at (217) 782-2072. The listed rates are posted to give potential borrowers an indication of current rate figures. Rates are established on the second business day of each month at 90 percent of a one-year Federal Farm Credit Bond rate. Lenders may charge borrowers up to 2.75 percentage points more than the Treasurer’s rate of deposit.

Program Eligibility:

  • The applicant must demonstrate that a Cultivate Illinois loan assists in typical farming operations.
  • A participating Illinois financial institution must approve each borrower’s application.
  • The borrower’s property must be located entirely in Illinois.

How to Apply:

  1. Apply for a loan at a participating financial institution.
  2. Your financial institution will complete and submit the following three forms.
    (Please contact the Treasurer's Office before completing this application. The contact information is listed on the application.)
    Linked Deposit Annual Operating Loan Program Application for Deposit
    Farm Operation & Single Borrower Annual Operating Linked Deposit Loan Program
    Linked Deposit Annual Operating Loan Program Acknowledgement Form
  3. Your annual loan application will be reviewed by our Banking Division for approval.

If you have any questions or need more information, please email cultivateillinois@treasurer.state.il.us or call (217) 782-2072.

Program History:

The Treasurer’s Cultivate Illinois loan program is the nation’s most expansive agriculture deposit program. More than 1,000 financial institutions throughout the state have loaned more than $1 billion in annual and long-term loans since 1983.

More than $750 million is currently invested in our annual agricultural program, providing low-interest financing to over 10,495 borrowers through participation with financial institutions and the Farm Credit Services.

Personal Experience:

Roger Cooper and family.

Roger Cooper is a sixth generation farmer. His family has farmed outside of Springfield for longer than Illinois has been a state.

Cooper also has a long-standing relationship with the State Treasurer’s Office and Farm Credit Services of Illinois, taking advantage of the Cultivate Annual low-interest loan program since 1992.

In 2007, Cooper took out a loan for start-up costs so he could get almost 1,800 acres of corn and soybeans into the ground.

The Treasurer’s Office deposited money at his bank, which reduced his interest rate 1.15 percentage points and saved him a potential $2,300.

“The linked deposit reduces my interest costs at a time when interest rates and input costs are going up,” Cooper said.
“Anything you can do to reduce costs while expenses are going up is a good thing.”

  
   

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Cultivate Illinois offers four financing options to help farmers secure low-interest loans to offset rising costs associated with farming.
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