Treasurer Sprague opens Ag-LINK program for 2021 growing season
Lead Summary
By
Ohio Treasurer's Office-
To help Ohio farmers and agribusinesses finance the upfront costs of this year’s growing season, Ohio Treasurer Robert Sprague Wednesday opened the 2021 Ag-LINK application period. The application period will remain open through March 19.
“A thriving agriculture sector is a critical component of our state’s overall prosperity, and I’m committed to supporting Ohio’s farmers and agribusinesses,” said Treasurer Sprague. “By making capital more affordable through interest rate reductions, Ag-LINK helps to alleviate some of the financial pressure faced at the beginning of each year’s growing season.”
Through this application period, farm operators and agribusiness owners based in Ohio can receive an interest rate reduction on loans up to $150,000. Although the exact amount of the discount will be provided to lenders in late March, a minimum one-percent discount is in place.
The Ohio Treasurer’s office administers the Ag-LINK program to help Ohio farm operators and other agricultural businesses finance the upfront operating costs for feed, seed, fertilizer, fuel and other costs. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks, credit unions, and farm credit lenders.
Eligible farm operators and agribusinesses:
• Must be organized for profit;
• Must have headquarters and 51 percent of operations maintained in Ohio;
• Must use the loan exclusively for agricultural purposes; and
• Must agree to comply with all program and financial institution regulations.
Ag-LINK has been supporting Ohio’s farm community since 1986. In fiscal year 2020, the Treasurer’s office helped 822 farmers and agribusinesses lower their interest rates for new loans totaling $91 million.
Those interested in Ag-LINK should contact their ag lender to begin the online loan application process. More information on the Ag-LINK program can be found online at https://tos.ohio.gov/reduced-rates-on-operating-loans/.
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“A thriving agriculture sector is a critical component of our state’s overall prosperity, and I’m committed to supporting Ohio’s farmers and agribusinesses,” said Treasurer Sprague. “By making capital more affordable through interest rate reductions, Ag-LINK helps to alleviate some of the financial pressure faced at the beginning of each year’s growing season.”
Through this application period, farm operators and agribusiness owners based in Ohio can receive an interest rate reduction on loans up to $150,000. Although the exact amount of the discount will be provided to lenders in late March, a minimum one-percent discount is in place.
The Ohio Treasurer’s office administers the Ag-LINK program to help Ohio farm operators and other agricultural businesses finance the upfront operating costs for feed, seed, fertilizer, fuel and other costs. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks, credit unions, and farm credit lenders.
Eligible farm operators and agribusinesses:
• Must be organized for profit;
• Must have headquarters and 51 percent of operations maintained in Ohio;
• Must use the loan exclusively for agricultural purposes; and
• Must agree to comply with all program and financial institution regulations.
Ag-LINK has been supporting Ohio’s farm community since 1986. In fiscal year 2020, the Treasurer’s office helped 822 farmers and agribusinesses lower their interest rates for new loans totaling $91 million.
Those interested in Ag-LINK should contact their ag lender to begin the online loan application process. More information on the Ag-LINK program can be found online at https://tos.ohio.gov/reduced-rates-on-operating-loans/.
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