Treasurer Opens Ag-LINK Application Period

The application period for the Agriculture Linked Deposit Program (Ag-LINK) is now open, Treasurer of State Robert Sprague announced on Monday.

The application period will remain open until Friday, March 20, according to a news release from the treasurer’s office.

“Our office is committed to supporting Ohio’s farmers and agribusinesses, especially as we follow an extremely tough growing season last year,” Sprague said. “Through Ag-LINK, we’re able to alleviate some of the borrowing costs our ag industry faces at the beginning of each year.”

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, the minimum one percent discount announced by Sprague in 2019 remains in place. (See The Hannah Report, 3/1/19.)

The Ag-LINK program is designed to help Ohio farm operators and other agricultural businesses finance the up-front 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 and farm credit lenders.

Ag-LINK has been supporting Ohio’s farm community since 1986. The application period typically takes place early in the year, prior to the start of the growing season. However, in 2019, Sprague reopened Ag-LINK to alleviate some of the borrowing costs for farm operators as they worked their way through a difficult year caused by extreme weather. During the two application periods, the treasurer’s office said it helped 780 farmers and agribusinesses lower their interest rates for new loans totaling more than $86.5 million. Additionally, 74 farmers and agribusinesses refinanced previous loans totaling $8.6 million.

Those interested in Ag-LINK should contact their ag lender to begin the online loan application process.

Story originally published in The Hannah Report on January 13, 2020.  Copyright 2020 Hannah News Service, Inc.