The Ohio Treasury’s Department of Economic Development is once again reminding farmers of its Ag-Link program, which annually provides an interest rate reduction on operating loans and operating lines of credit to Ohio farms.
Every year before planting season, many Ohio farmers finance costs of inputs for their operations such as feed, seed, fertilizer and fuel. The Ohio Treasury places deposits with one of the state’s depository banks at below market rates once the bank agrees to reduce the interest rate on the farmer’s loan.
By law, $125 million is allocated for Ag-Link annually.
Applications for Ag-Link are currently available at the Ohio Treasury’s Web site, and are accepted through 5 p.m. on Friday, March 12.
Lenders will be notified in writing of the application status by April 9, and funding will begin on April 14. All funding must be completed by June 30, with Ag-Link 2010 ending on April 7, 2011, when borrowing rates on loans will revert to normal rate.