Program helps Ohio farmers sustain operations and grow their businesses.
Columbus – The Ohio Treasury is now accepting applications for the Agricultural Linked Deposit program. Known as Ag-LINK, the annual program provides an interest rate reduction on operating loans and lines of credit to Ohio’s farmers.
“Ag-LINK has been instrumental in helping farmers statewide sustain and grow their operations,” said Treasurer Kevin L. Boyce. “2010 marks the 25th anniversary of this program, and I am proud to say that the Treasury remains committed to helping our farmers grow their businesses – ultimately growing and maintaining jobs in the Ohio.”
According to the Ohio Department of Agriculture, farming is among the top industries in Ohio, employing 14% of the state’s workforce. Since its inception, Ag-LINK has helped over 28,000 farmers receive reduced rate financing totaling $1.9 billion. In 2009, the Ohio Treasury awarded $123,090,805 to farmers in 82 of the state’s 88 counties.
To qualify for the program, farms must be for-profit with headquarters and more than half of their land and facilities maintained in Ohio. Additionally, farmers must have a documented need for the reduced interest rate, and may request the reduction for up to the first $100,000 of a loan.
Prior to applying for Ag-LINK, farmers must first be approved for an operating loan or line of credit from a Farm Credit System lender or participating bank. Upon approval, farmers may then apply for an interest rate-reduction loan from the Ohio Treasury. The Treasury does not restrict how the loan funds are spent. However, priority for the rate reduction will be given to farmers who use the funds for feed, seed, fertilizer, and fuel. Honorably discharged veterans who are farmers will receive preference.
Applications can found on the Ohio Treasury’s website, www.ohiotreasurer.gov. The deadline to submit applications is Friday, March 12, 2010 at 5:00 pm. Applications must be mailed or dropped off at the Ohio Treasury’s offices located at 30 E. Broad Street, 9th floor, Columbus, Ohio 43215. For more information, please call: 1.800.228.1102.
MEDIA CONTACT: Níel M. Jurist/614.466.5341