Ohio Farmers Find Financial Relief in Ag-LINK
COLUMBUS – Hundreds of Ohio farmers and agribusinesses are taking advantage of the Ag-LINK program’s reduced interest loans this year. Ohio Treasurer Robert Sprague announced today that 764 loans totaling $82 million have been made possible through Ag-LINK.
“Between last year’s extreme weather and this year’s economic challenges, we want to support Ohio’s farmers and agribusinesses by putting our balance sheet to work for them,” said Treasurer Sprague. “Now more than ever, it’s important for our farmers to have the resources they need to grow and harvest our food supply.”
The Ohio Treasurer’s office administers the Ag-LINK program to help Ohio farm operators and other agricultural businesses finance the up-front operating costs for feed, seed, fertilizer, fuel, and other expenses. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks and farm credit lenders. Through this round of applications, farm operators and agribusiness owners based in Ohio will receive a .5% interest rate reduction on loans up to $150,000. The application period was extended from March 20 to March 30 to accommodate banks that were impacted by COVID-19.
Farmers and agribusinesses may also be eligible for loans through two other economic development programs offered by the Treasurer’s office. The ReEnergize Ohio four-year program provides qualified small business owners with up to a 3% interest rate reduction on new or existing small business loans up to $550,000.
Additionally, some small business owners may qualify for the GrowNOW two-year program, which offers up to a 3% interest rate reduction on loans up to $400,000 and is renewable. Under GrowNOW, businesses must commit to creating or retaining at least one full-time or two part-time jobs in the State of Ohio for every $50,000 borrowed.
More information about ReEnergize Ohio and GrowNOW can be found here.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $20 billion investment and $10 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.