The program helps Ohio farmers receive an interest rate deduction
By Diego Flammini
The window is open for Ohio farmers to apply for a possible interest rate reduction.
Producers have until March 20 at 10:00 p.m. to submit applications for the 2020 Agricultural Linked Deposit (Ag-LINK) program.
To be eligible for the program, applicants must:
- be organized for profit
- have headquarters at 51 per cent of operations maintained in Ohio
- obtain an operating loan or line of credit from a participating bank or Farm Credit Lender
- use the loan exclusively for agricultural purposes
- agree to comply with all program and bank regulations
The program, administered by the Ohio Treasury, can provide eligible farm operators and agribusiness owners with an interest rate reduction of up to 3 per cent on new or existing loans up to US$150,000 to help offset upfront costs of seed, fertilizer, fuel and other inputs.
“This has a real impact on farm communities, and again it’s our way to (help) chip away at some of the costs that they face in a very, very difficult commodities market as well as a wet growing season last year,” State Treasurer Robert Sprague told Your Homestown Stations on Feb. 2.
In 2019, the Ag-LINK program helped 780 farmers lower their interest rates for new loans, and 74 additional Ohio farmers reduced rates on previous loans.
Farms.com has reached out to Ohio ag organizations for comment.