News Local/State

Treasurer Frerichs Announces New Rural Investment Program

Democratic candidate for state treasurer Mike Frerichs talks to reporters on election night

Keenan Chan/Illinois Public Media/(File Photo)

Illinois Treasurer Mike Frerichs has announced a new $500-million program that will help farmers, homeowners and employees in rural parts of the state get access to low-interest loans. Speaking on Illinois Public Media’s daily news talk show The 21st on Tuesday, Frerichs said predatory lending is not just a problem in urban areas.

"We want to make sure... that farmers have access to capital at low rates," Frerichs said, "so that they can put a crop in the field and take it out, but they can also invest that money in their own operations, to modernize, to make changes, become more efficient."

The money that will be invested in rural communities through the Community Uplift Program will come from special-purpose funds that total about $12 billion. Frerichs says the program will create wealth and jobs in rural areas, which will ultimately bring money back to the state in the form of taxes.

You can find a link to more information about the rural investment program here.