By Andi Anderson
In recognition of National Ag Day, the Iowa Finance Authority (IFA) announced Premier Bank in Rock Valley as the Top Beginning Farmer Loan Program Bank of the Year and Jayme Ungs of Peoples Bank in Boone as the Beginning Farmer Loan Program Lender of the Year for 2025.
These awards highlight the lenders who assisted the most beginning farmers, helping them secure financing to start, expand, and strengthen their agricultural operations. “Every beginning farmer is an investment in Iowa’s agricultural future, strengthening our economy and preserving our farming legacy,” said IFA Director Debi Durham.
“Last year, IFA assisted 234 farmers in purchasing more than 32,000 acres through our Beginning Farmer programs—made possible by outstanding partners like Jayme Ungs at Peoples Bank, Premier Bank, and lenders statewide,” said Durham.
IFA’s Beginning Farmer Loan Program provides reduced interest rates to help new farmers acquire farmland, buildings, machinery, equipment, and breeding livestock. Loans are funded by participating lenders or contract sellers using federal tax-exempt bonds issued by IFA.
Interest earned on these loans or contracts is also exempt from state income taxes, offering an additional incentive for lenders to support new farmers.
“Getting started in agriculture can be challenging, and programs like this help remove some of those barriers,” said Jayme Ungs of Peoples Bank. “With the resources and incentives available through the Iowa Finance Authority’s beginning farmer programs, local lenders can help make farmland and equipment more accessible for the next generation of Iowa farmers.”
Since its creation, IFA’s beginning farmer programs have helped more than 7,700 farmers purchase nearly 500,000 acres across Iowa. These efforts continue to strengthen Iowa’s agricultural community, supporting both the growth of new farmers and the sustainability of the state’s farming traditions.
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Categories: Iowa, Business