Working Together for Economic Growth

July 2020 Treasurer’s Note by Treasurer Michael Frerichs

During the pandemic, we have all had to make changes. I used to spend a lot of time traveling around the state and speaking to my constituents face-to-face and in front of groups.

I still have one-on-one meetings and address groups, but now it is in front of my computer from my home in Champaign.

Many of my meetings have been with local leaders speaking about economic development.

Attending these virtual meetings were bankers, manufacturers, educators, and small business owners from Downstate Illinois, the suburbs, and Chicago.

As you might imagine, some of the men and women were anxious about the future. However, their entrepreneurial spirit was undeniable and many eagerly shared success stories and potential opportunities.

My role at these virtual gatherings was simple: To hear ideas, offer encouragement, and identify programs within the treasurer’s office that might help them through these tough times.

The treasurer’s office invests $31 billion on behalf of the state, local governments, and families saving for college. These investments are cautious and include linked deposit programs that allow us to capitalize local lending institutions so they, in turn, can loan money and help their local economy.

Of these lending relationships, our Ag Invest program is the most widely known. It helps farmers operate their business and plant traditional Illinois crops such as corn and soybeans as well as expanding into alternative product lines such as a vineyard or winery. We provide local banks and credit unions with money at below market rates so they can, in turn, provide competitive loans for farmers.

Our Business Invest program builds on the Ag Invest concept and focuses on non-agrarian, local businesses who are considering opportunities such as a plant expansion, new product line, or internal growth.

The Community Invest program assists individual consumers. As with Ag Invest and Business Invest, we work with local lending institutions so they can offer low-cost loans to individuals and families considering consumer products such as a mortgage or home equity loan.

With Ag Invest, Business Invest, and Community Invest, the treasurer’s office strikes an agreement with the lending institution. Each lending institution determines the terms for the loan to the farmer, the business, or the individual consumer.

During each of the many virtual meetings I attended, I was impressed with the positive energy shown by organizers and attendees. Our business leaders and entrepreneurs understand that local banking relationships are important. We at the treasurer’s office understand this as well and want to work collaboratively with local leaders to help put workers and employers in a position to succeed.

At the treasurer’s office, we invest in people. I invite you to see how our programs might be of assistance to you.

Subscribe and Read the Treasurer’s Office’s eNewsletter: http://bit.ly/IllinoisTreasurer

View past issues of the newsletter here.