COLUMBUS – State Rep. Rodney Creech (R-West Alexandria) today announced the opening of the Agricultural Linked Deposit Program application period. The program, known as Ag-LINK, assists Ohio’s farmers and agribusinesses in financing upfront costs for feed, seed, fertilizer, fuel and other expenses by providing interest rate reductions for this year’s growing season.
In FY20, Ag-LINK helped 822 farmers and agribusinesses lower their interest rates for new loans by a total of $91 million.
During the 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 through the Ohio Treasurer’s office.
“Our community has a strong agricultural industry, and this program helps Ohio farmers secure the funds needed to improve their operations,” said Creech. “I encourage the farmers and agribusinesses in my district to consider taking advantage of Ag-LINK.”
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 March 19, 2021. Those interested in applying should contact their agricultural lender to begin the process. More information can be found at https://tos.ohio.gov/reduced-rates-on-operating-loans/.