With “Ohio Agriculture Week” taking place during March 8-14, State Rep. Haraz Ghanbari (R-Perrysburg) is informing Ohio farmers that Ag-Link is offering reduced rates for agriculture-related business loans through the Ohio Treasury. Farmers and agriculture business owners have until March 20 to take advantage of the Agricultural Linked Deposit Program (Ag-Link).
“Throughout the 3rd district, agriculture is one of our biggest forms of industry and commerce,” said Ghanbari. “Farmers are essential to our communities and I want them to be informed of the advantages of the Ag-Link Program.”
According to the USDA National Agricultural Statistics Service, 2018 numbers rank Wood County number two for its production of both soybeans and wheat throughout the state of Ohio.
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
Those who are veterans, the program provides veteran preference for those who qualify.
Last year, the program assisted 780 farmers and agriculture businesses that lowered rates on loans for a total of more than $86.5 million.
To apply before the March 20 deadline, you can visit www.ohiotreasurer.gov/AgLink or call 1-800-228-1102.