COLUMBUS — Because of the “devastating” weather conditions in parts of Ohio this year, state Treasurer Robert Sprague has reopened the application period for the Ag-LINK program.
Through this round of applications, farm operators and agribusiness owners based in Ohio can receive a 2% interest rate reduction on loans up to $150,000.
“Agriculture is the backbone of Ohio’s economy,” Sprague said, “but with heavy rain and floods wreaking havoc on fields across the state, we want to make every opportunity available to help offset some of the inevitable losses that come with this level of severe weather. The Ag-LINK program can help alleviate some of the borrowing costs for farm operators as they work their way through this extremely difficult growing season.”
The Ohio treasurer’s office administers the Ag-LINK program to help Ohio farm operators and other agricultural businesses finance up-front operating costs for feed, seed, fertilizer, fuel, and other flood-related costs. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks and farm credit lenders.
The application period will remain open until Nov. 15.
Farm operators and agribusinesses who previously received loans through Ag-LINK earlier this year may be eligible during this application period if they did not request the $150,000 program limit.
Those interested in Ag-LINK should contact a participating bank or Farm Credit Service lender to begin the loan application process.
More information on the Ag-LINK program, including a list of current participating financial institutions, may be found on the Ohio treasurer’s website.