COLUMBUS – State Representative Kyle Koehler (R-Springfield) and Ohio Treasurer Robert Sprague announced the opening of the application period for the Ohio AG-Link program Monday.
The agricultural linked deposit program is designed to help Ohio farm operators and other agricultural businesses finance the upfront operating costs for feed, seed, fertilizer, fuel, equipment, and other agribusiness costs.
“Ohio’s largest industry, agriculture, is alive and well because of investments like the AG-Link program,” said Koehler. “As Chairman of the House Agriculture and Conservation Committee, we have spent this General Assembly discussing the trials farmers face in our state. Providing accessible and low-interest financing to our farming operators is one step in alleviating the barriers of entry to this important sector of our economy.”
In order to be eligible for the program the farm operator or agribusiness must be organized for profit, have their headquarters and 51% of operations in Ohio, use the loan exclusively for agricultural purposes, and agree to comply with all program and financial institution regulations.
The Ohio Treasurer will open the application period year-round this year. The application period will be broken into quarters and new reduced interest figures will be announced at the beginning of each quarter.
Ag-Link will provide a 0.5% interest rate for the first quarter that opened Monday.
The program has been supporting Ohio’s farm community since 1986. In fiscal year 2021, the Treasurer’s office helped 571 farmers and agribusinesses lower their interest rates for new loans totaling $63 million.
Those interested in Ag-LINK should contact their local financial institution to begin the online loan application process. More information on the Ag-LINK program can be found here.