Swearingen Announces House Bill 440 Will Soon be Signed into Law
COLUMBUS - State Representative DJ Swearingen (R-Huron) and State Representative Andrea White (R-Kettering) announce House Bill 440, the Ohio Gains initiative that is responsible for the Ag-Link Deposit Program has passed the Ohio Senate with a unanimous vote of 32-0.
“We need to keep Ohio’s treasury dollars in Ohio working for Ohioans, this legislation will go a long way in helping Ohioans save money” said Swearingen.
Representative Swearingen and White spearheaded this legislation along with the help of State Treasurer Robert Sprague to support Ohio’s ever so important agriculture community, intuitions of higher education, and health systems.
The Ag-Link Deposit program opened on Monday, February 14, 2022, and will provide a 0.5% interest rate reduction on agriculture business operation loans at eligible banks, credit unions, and farm credit lenders.
The Ag-Link deposit program was created to help those in our agriculture industry finance the upfront costs of, seed, feed, fertilizer, fuel, equipment and other costs.
In order to be eligible for the program one must:
- Be organized for profit
- Have headquarters and 51% of operations in Ohio
- Use the Loan exclusively for agriculture purposes
- Comply with all program and financial institution regulations
The bill would allow the State Treasury to step in as a hospital’s liquidity provider so the hospital system can use its Variable Rate Demand Obligation to finance capital improvement projects. In return, the hospital will save money on their loan repayment.
“Savings created as a result of this legislation will translate into benefits for all Ohioans while also lowering the borrowing costs for our farmers, hospitals, and universities,” added Swearingen.
To learn more about the program and/or to apply please click here.
This legislation will next Head to Governor DeWine for his signature in the coming weeks.