Illinois General Assembly - Bill Status for SB1776

Synopsis As Introduced
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

Actions

Date	Chamber	Action
2/6/2025	Senate	Filed with Secretary by Sen. Michael W. Halpin
2/6/2025	Senate	First Reading
2/6/2025	Senate	Referred to Assignments
2/6/2025	Senate	Added as Chief Co-Sponsor Sen. Doris Turner
2/26/2025	Senate	Added as Chief Co-Sponsor Sen. Paul Faraci

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