ActiveOpenState

Illinois Finance Authority First-Time Farmer Bond Program.

IFA issues tax-exempt bonds through a lender to lower financing costs for qualifying first-time farmers buying Illinois farmland and eligible property.

Offered byIllinois Finance Authorityverified 2026-07-10

Overview

What it does.

The farmer chooses a bank, which makes the credit decision. IFA verifies program eligibility and issues the bond; pairing with USDA Farm Service Agency programs may support a broader financing structure.

Best for: A qualifying first-time farmer acquiring Randolph County farmland and equipment.

Eligibility

Who and what may qualify.

Eligible applicants

  • Qualifying first-time farmers who will be the principal user and participate in operation of Illinois farmland

Eligible uses

  • First acquisition of Illinois farmland
  • Eligible new or used farm equipment and depreciable property when structured under program rules

Application

How to start.

  1. Contact IFA to review first-time-farmer eligibility.
  2. Work with a bank willing to purchase the bond and underwrite the financing.
  3. Submit the IFA application and required farm financial documents.

Timing: Applications are project-driven and subject to current annual limits.

Planning notes

Limits to account for.

  • The applicant must satisfy federal first-time-farmer and principal-user rules.
  • The bank makes the credit decision.

IFA states the bond may be paired with qualifying USDA Farm Service Agency financing.

Evidence

Official sources.