Farm Credit Illinois Introduces FreshRoots
Farm Credit Illinois believes in the future of farming and is demonstrating the cooperative's commitment to Helping the Next Generation of Farm Families Succeed by launching FreshRoots.
Find a list of upcoming FreshRoots learning incentive workshops here.
Young and beginning farmers up to age 40 years or in their first 10 years of farming are eligible for FreshRoots lending assistance.
The first 10 years of full-time farming is defined by the number of years an individual has filed a Schedule F tax form.
If jointly applying for a loan under the FreshRoots program, neither co-applicant can be both 41 years of age or more and have more than 10 years of full-time farming experience.
Five-year discounted interest rate on up to $1 million farm real estate loans and $500,000 operating loans – to find out today’s rate contact your local FCI office.
Relaxed lending standards
FCI will cover the cost of the FSA 1.5% guarantee fee on eligible farm real estate loans.
A completed balance sheet and business plan, including a projected cash flow statement, must be provided at application. Get started by accessing these downloadable templates. Be sure and save these files to your local desktop or laptop computer before entering information and save again each time you open and fill out.
Borrower-members up to age 40 or in their first 10 years of farming qualify for up to $2,000 in FreshRoots learning incentives. Young and beginning farmers do not have to participate in FreshRoots lending assistance to earn learning incentives.
Up to $2,000 in stipends are available to individual and married-couple borrower-members who attend three learning workshops within two years.
Receive $1,000 for attending a local farm financial analysis workshop.
Earn two $500 stipends for attending any two Farm Credit College or Fielding Forward events.
For details on the next FCI educational workshop near you, visit www.farmcreditIL.com/learning.
DIRECTORS CUP AWARD
All FreshRoots individual and married-couple participants will be eligible for a $5,000 Directors Cup award once they’ve been an FCI member-borrower for at least three years.
Applicants will submit a formal application highlighting the personal growth and professional development they have pursued while participating in the FreshRoots program.
An independent committee will select the annual recipients.
Up to eight farmers will be recognized annually beginning in 2019. Applications will be available in January 2019.