SPRINGFIELD
,
IL
– Local farmers who have been hurt
by the summer’s severe drought conditions can now apply for low-interest loans
through the Treasurer’s new Emergency Drought Relief Program, said to State
Senator Dan Rutherford (R-Pontiac).
Senator Rutherford said that the
Treasurer’s office has pledged approximately $100 million in low-interest loans
that local farmers can access through their local financial institutions. The
loans will be available in the 101
Illinois
counties declared disaster areas by
U.S. Agriculture Secretary Mike Johanns.
“Because of the summer’s severe
drought conditions many
Illinois
farmers are reporting huge crop
losses,” said
Rutherford
. “These low-interest emergency
loans are a way for the state to assist
Illinois
farmers and help them rebuild their
lives.”
Farm service agency assessments
indicate that 117,000
Illinois
farmers have seen production losses
this year. Of that number, 74,000 farmers estimated that the drought had
destroyed 30% or more of the crops, and 16% of the farmers said they’ve lost
this year’s crop entirely.
Senator Rutherford said
that farmers have 90 days to apply for the low-interest loans. The loan program
will offer rates opening at 4.64 percent, and the rates will change on a monthly
basis. During the six month term of the loan, the borrower only has to make
interest payments to the bank, with the principal coming due at the end of the
term.
Anyone interested in
applying for a loan through the Emergency Drought Relief Program should contact
their local financial institution for more information, or call the Treasurer’s
Office at 217-782-2072.