The Iowa Finance Authority has recognized two key players in Iowa’s agricultural lending community for their work supporting new farmers in 2024.
Hills Bank & Trust Company, based in Kalona, has been named the Top Beginning Farmer Lending Institution of the year. Daniel Kuboushek, a lender at Citizens Savings Bank in Spillville, received the distinction of Beginning Farmer Loan Officer of the Year.
The honors are awarded to the institution and individual who facilitated the most loans through the Beginning Farmer Loan Program, which helps new farmers acquire farmland, buildings, machinery, equipment and breeding livestock at reduced interest rates.
“Investing in the next generation of Iowa farmers ensures both a robust and thriving economy as well as a sustainable agricultural legacy for our state,” IFA Director Debi Durham said in a release. “Last year alone, we assisted 65 farmers with the purchase of more than 4,400 acres to begin or grow their operations, an accomplishment that would not be possible without outstanding partners like Dan and the team at Hills Bank & Trust Company.”
Loans are issued by participating lenders or contract sellers and are backed by federal tax-exempt bonds through the IFA. In addition, interest income from direct loans or contract sales is exempt from Iowa state income tax, further encouraging investment in the next generation of farmers.
“The Iowa Finance Authority’s beginning farmer programs play a crucial role in helping farmers get started in their operation and ensuring the continuation of family farms which in turn supports the rural communities,” Mr. Kuboushek said. “By providing resources and incentives like the Beginning Farmer Loan Program, local community banks can work with IFA to help the next generation of farmers succeed.”
Since its launch in 1981, the program has supported more than 5,000 beginning farmers and helped finance the purchase of over 463,000 acres statewide.
