I enjoy driving through downstate Illinois this time of year when farmers are planting in the fields. It means spring has arrived and reminds me of riding on my grandfather’s tractor as a kid. It gives me a sense of optimism.
Farming is an annual gamble. A lot of time and money goes into putting a crop in the field. There could be a drought, or a flood, or tariffs could drive down the price of corn and soybeans, and farmers could lose money. It takes faith to keep farming year after year.
This year also looks bad as tariffs and a war have driven up the cost of raw materials like fertilizer and decreased prices that American farmers receive at harvest. It takes more than faith; it also requires some help.
If the federal government won’t change its policies to help our farmers, we stand ready in my office to do what we can. We offer low-interest loans to farmers through Ag Invest. This program has been in the State Treasurer’s Office for more than 40 years, but demand has never been higher. Today, we have over $1 billion in loans for farmers.
As difficult as it is today, it has been worse. When the first farmers settled around my hometown of Gifford outside of Champaign, much of the ground was under water for large parts of the year.
The first explorers through the area, the French and the British, didn’t see much value in the swampy lands. But when railroad workers who had farmed the low, wet lands of northwest Germany came through, they recognized the potential of the soils. They knew that if they could get the water off of the ground, they would find deep, black soil that would be good for farming.
Doing that wouldn’t be easy. Ditches would have to be dug, tiling installed to drain the soil, and they would do that before the invention of internal combustion engines. But they saw an opportunity, worked hard, and have been able to support their families ever since.
The thinking is similar with our Illinois Growth and Innovation Fund. Let’s support modern entrepreneurs who see opportunities and work long hours because they want to have a better life for themselves and their families. Agriculture is Illinois’ largest industry, but we also should have a diversified economy and support industries that will be creating jobs in the future.
We invest in funds that in turn invest in Illinois companies. This has been a double win for our state’s economy. We make money off these investments, and when we help these entrepreneurs grow their businesses, they employ Illinoisans. A study has shown that we have helped to create over 19,000 jobs in Illinois.
Through smart investments in people who are willing to take risks and innovate, we can not only support a farming industry that helps people feed their families, but we can also help create the industries that will help us grow into the future.
Sincerely,
Michael