State Guide Updated May 2026

Farm Loans in Illinois

Illinois has some of the most valuable farmland in the Midwest — averaging $9,100 per acre — making agricultural lending competitive with active participation from Compeer Financial, Farm Credit, and commercial lenders.

26.8MAcres Farmland
72,000Farm Operations
$9,100Avg. Acre Value
5.50%FSA Direct Rate
IL
#4Corn Producer
#3Soybean Producer
#1Pumpkin Producer
$19.1BAnnual Ag Revenue
21FSA County Offices
$280MFSA Loans/Year
Advertiser Disclosure: AcreCompass is reader-supported. Some lender links on this page are affiliate links — we may receive compensation when you click or apply. This does not affect our editorial ratings or the order in which lenders appear. Learn more →

Illinois FSA Service Centers

Illinois has 21 USDA Farm Service Agency county offices. Contact your local office to begin a Direct Farm Loan application — processing times average 60 days for Direct loans and 30 days for Guaranteed loans.

Springfield (State Office)
3500 Wabash Ave, Springfield, IL 62711
(217) 241-6600
Champaign Area
1817 S Neil St, Champaign, IL 61820
(217) 398-5235
Bloomington Area
1615 S Main St, Bloomington, IL 61701
(309) 663-1410
Galesburg Area
333 W Main St, Galesburg, IL 61401
(309) 342-5109
Illinois State Program
Illinois Agricultural Loan Guarantee Program
State-Backed
Max Loan
$500,000
Guarantee
85% of Principal
Who Qualifies
IL Farmers

The Illinois Department of Agriculture guarantees 85% of principal on commercial loans up to $500,000 for Illinois farmers, reducing lender risk and enabling access to credit at more competitive terms. Apply through participating Illinois lenders. Learn more at IDOA →

Best Farm Lenders for Illinois Farmers

Rates current as of May 2026. Lender availability confirmed for Illinois.

All Loans Land Purchase Operating Equipment Beginning Farmer

Farm Lenders — Illinois

5 lenders · Sorted by editorial rating
# Lender Loan Type Rate Range Max Loan IL Presence
1 Compeer Financial
4.8 ★ · Dominant lender for central/northern IL
Land, Operating, Equipment 5.95%–9.25% $25M+ ✓ Illinois Apply →
2 National Funding
4.6 ★ · Best for working capital
Operating, Equipment 7.00%–24.00% $500,000 ✓ Illinois Apply →
3 Fora Financial
4.4 ★ · Fast operating capital
Operating, Equipment 7.00%–35.00% $1,500,000 ✓ Illinois Apply →
4 Lendio
4.3 ★ · Marketplace — compare multiple lenders
Operating, Equipment, Land Varies $5,000,000 ✓ Illinois Apply →
USDA FSA Direct Loans
Government program · No affiliate relationship with USDA
Land, Operating, Emergency 4.75%–5.50% $600,000 21 IL Offices Learn More →
Rates as of May 2026. FSA rates set by USDA quarterly. Commercial rates are representative ranges — your actual rate depends on credit, collateral, and term. AcreCompass has no affiliate relationship with USDA FSA.

Illinois Farmland Loan Market: What to Know in 2026

Illinois farmland averaging $9,100 per acre is among the most valuable in the Midwest, driven by world-class black soils in the central corn belt. The deep, productive soils of McLean, Champaign, and Piatt counties frequently command $14,000+ per acre, creating both high collateral values and steep entry barriers for beginning farmers.

Compeer Financial is the dominant Farm Credit lender for central and northern Illinois, offering competitive long-term fixed rates and deep ag expertise. In southern Illinois, where corn and soybean double-cropping affects cash flow timing, operating loan flexibility is particularly important — lenders that understand the seasonal revenue cycle can structure payments more favorably.

Illinois-Specific Underwriting Notes

Illinois commercial ag lenders typically underwrite cropland at 70–80% LTV. The IDOA loan guarantee program is most useful for farmers who have strong income history but limited collateral — the 85% guarantee significantly reduces lender risk and can unlock credit for operations that might otherwise be borderline approvals.

Illinois Farm Loan Application Checklist

Gather these documents before contacting lenders to speed up the underwriting process.

  • 3 years federal tax returns (Schedule F for farm income)
  • Current balance sheet (assets, liabilities, net worth)
  • Current year cash flow projection (crop insurance documentation helpful)
  • Legal description and most recent appraisal of property (if land purchase)
  • FSA farm records (farm number, crop history) from your county FSA office
  • Government-issued ID and Social Security number for credit pull
  • Existing loan statements (machinery notes, operating lines, land mortgages)