COLUMBUS – State Representative Kyle Koehler (R-Springfield) announced the opening of the Agricultural Linked Deposit Program application period.
The Agricultural Linked Deposit Program, also known as Ag-LINK, is a program supported by the Ohio Treasurer’s office intended to aid Ohio’s farmers and agribusinesses finance up-front costs for feed, seed, fertilizer, fuel and other expenses by providing interest rate reductions for this year’s growing season.
Ag-LINK was founded in 1986 and in FY20, it assisted 822 farmers and agribusinesses lower their interest rates for new loans by totaling $91 million.
According the Ohio Treasurer’s office, during the open application period, farm operators and agribusinesses can apply to receive up to a 3% interest rate reduction on new or existing operating loans up to $150,000.
“Agriculture is the key to Ohio’s past, present and future. I am pleased to see the Ag-LINK program is officially accepting applications for Fiscal Year 2021,” said Koehler. “I encourage all of my constituents who could benefit from this program to take advantage of Ag-LINK and apply today.”
The following criteria must be met for farm operators and agribusinesses to be eligible for the Ag-LINK program:
- Must be organized for profit
- Must have headquarters and 51% of operations maintained in Ohio
- Must use the loan exclusively for agricultural purposes
- Must agree to comply with all program and financial institution regulations
The application period will remain open through Friday, March 19. Those interested in applying should contact their agricultural lender to begin the process. More information can be found here.