Farmers and agriculture business owners have until March 20 to take advantage of the Agricultural Linked Deposit Program (Ag-Link).
With Ohio Ag-Week running March 8-14, State Rep. Darrell Kick (Loudonville) is informing Ohio farmers that Ag-Link is offering reduced rates for agriculture-related business loans through the Ohio Treasury.
“We want our farmers and our state to succeed,” said Kick. “By supporting our farmers and other ag-business through Ag-Link, we are continuing to strengthen Ohio’s economic development.”
Upon application and approval, Ag-Link allows farm operators and agriculture business owners to receive up to a three percent interest rate reduction on new or existing operating loans up to $150,000. This will help farmers with the costs of feed, seed, fertilizer, fuel, and inventory.
Those applying must meet the following qualifications:
- Be organized for profit
- Have headquarters and 51 percent of operations maintained in Ohio
- Use the loan exclusively for agricultural purposes
- Agree to comply with all program and financial institution regulations
Last year, the program assisted 780 farmers and agriculture businesses that lowered rates on loans for a total of more than $86.5 million.
“I am thrilled to bring this to your attention and I encourage those eligible to apply before the deadline,” said Kick.
To apply before the March 20 deadline, you can visit www.ohiotreasurer.gov/AgLink or call 1-800-228-1102.