Treasurer Mandel Announces 2012 Awards for Ag-LINK Program
COLUMBUS – State Treasurer Josh
Mandel today announced the 2012 awards for the State Treasury’s 2012
Agricultural Linked Deposit Program.
Farmers from across the state applied for and have been approved to receive
$59.1 million in interest rate reductions on operating loans and lines of
credit this year. Over 700 farms have
been approved to receive Ag-LINK awards, spanning 64 counties.
“The Ohio Treasury’s Ag-LINK program
helps Ohio farmers get the most out of each harvest season, and is an important
tool to help reduce the up-front burden of paying for things like feed, seed, fertilizer
and fuel,” said Treasurer Mandel.
“Agriculture is one of Ohio’s most important industries, impacting every
corner of the state. Giving Ohio farmers
an opportunity to maximize their returns helps all Ohioans and improves the
Ag-LINK, an annual program that has
been in existence for 27 years, allows Ohio farmers to apply for interest rate
reductions on new or existing loans or lines of credit up to $100,000. Applications to enroll in the program were
accepted from January through March of this year. In order to become eligible for the Ag-LINK
program, applicants must meet the following criteria:
be organized for profit;
have headquarters and 51% of operations maintained in Ohio;
obtain an operating loan or line of credit from an eligible bank or Farm
use the loan exclusively for agricultural purposes;
agree to comply with all program and bank regulations.
View a breakdown of 2012 Ag-LINKawards by region and county.
This year, Treasurer Mandel joined
with legislative sponsors to propose statutory changes to the Ag-LINK program
to improve its effectiveness. These updates
are currently working their way through the legislative process. Among other things, the legislation would
raise the maximum amount of an individual loan from $100,000 to $150,000. This
limit was initially enacted over 25 years ago, and the Treasurer believes that
it is time for this needed adjustment.
The legislation also updates from $125 million to $165 million the
amount that will be available for Ag-LINK deposits.
In addition to legislative changes,
Treasurer Mandel has been seeking to improve the Ag-LINK program
administratively. The application has been
streamlined and improved to make it easier for farmers to apply, and for the
first time this year’s entire application process was completed online. For
more information on the Ohio Treasury’s Ag-LINK program please visit www.OhioTreasurer.gov/AgLink.