By Associated Press
Springfield, IL – THE STATE DEPARTMENT OF AGRICULTURE HAS STARTED PAYING MORE THAN $2 MILLION TO FARMERS WHO LOST EITHER CROPS OR MONEY WHEN A SOUTHWEST ILLINOIS GRAIN-ELEVATOR OPERATOR CLOSED.
THE GRAIN EXCHANGE OWNED ELEVATORS IN CARLYLE, BARTELSO, SANDOVAL AND GERMANTOWN WHEN IT CLOSED IN FEBRUARY.
THE AGRICULTURE DEPARTMENT SAYS 100 FARMERS LOST A COMBINED $2.1 MILLION WHEN THE COMPANY CLOSED FEBRUARY 18TH.
THE GRAIN EXCHANGE'S ASSETS WERE SOLD FOR $1.1 MILLION. THE REST OF THE COMPENSATION WILL COME FROM THE STATE GRAIN INSURANCE FUND. THE FUND IS FINANCED BY ASSESSMENTS ON FARMERS, ELEVATORS AND OTHERS IN THE GRAIN BUSINESS.
