The
application period for the Agriculture Linked Deposit Program (Ag-LINK) is now
open, Treasurer of State Robert Sprague announced on Monday.
The
application period will remain open until Friday, March 20, according to a news
release from the treasurer’s office.
“Our
office is committed to supporting Ohio’s farmers and agribusinesses, especially
as we follow an extremely tough growing season last year,” Sprague said.
“Through Ag-LINK, we’re able to alleviate some of the borrowing costs our ag
industry faces at the beginning of each year.”
Through
this application period, farm operators and agribusiness owners based in Ohio
can receive an interest rate reduction on loans up to $150,000. Although the
exact amount of the discount will be provided to lenders in late March, the minimum
one percent discount announced by Sprague in 2019 remains in place. (See The Hannah Report, 3/1/19.)
The
Ag-LINK program is designed to help Ohio farm operators and other agricultural
businesses finance the up-front operating costs for feed, seed, fertilizer,
fuel and other costs. Ag-LINK provides an interest rate reduction on
agriculture business operation loans at eligible banks and farm credit lenders.
Ag-LINK
has been supporting Ohio’s farm community since 1986. The application period
typically takes place early in the year, prior to the start of the growing season.
However, in 2019, Sprague reopened Ag-LINK to alleviate some of the borrowing
costs for farm operators as they worked their way through a difficult year
caused by extreme weather. During the two application periods, the treasurer’s
office said it helped 780 farmers and agribusinesses lower their interest rates
for new loans totaling more than $86.5 million. Additionally, 74 farmers and
agribusinesses refinanced previous loans totaling $8.6 million.
Those
interested in Ag-LINK should contact their ag lender to begin the online loan
application process.