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Ohio treasurer announces loan discount for Ag-LINK Program

Ohio Treasurer Robert Sprague has announced the implementation of a 1 percent minimum loan discount for the Ag-LINK program.

“By being bold and committing ourselves to innovation, we are improving the Ag-LINK program for Ohio’s farmers and agri-businesses,” Sprague said. “Agriculture has long fueled Ohio’s economy, and we’re making sure these entrepreneurs are adequately supported in the years ahead.”

The treasurer’s office administers the Ag-LINK program to help Ohio farm operators and other agricultural businesses finance up-front operating costs for feed, seed, fertilizer and fuel. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks and farm credit lenders.

Going forward, the Ohio Treasury will ensure a minimum 1 percent discount for the borrower. The discount is effective this year and is available to farm operators and agri-businesses that use the agriculture linked deposit program. Without it, Ohio’s agriculture businesses would not have received a significant discount on their operation loans.

“Given the challenges of today’s market, this change to the Ag-LINK program will have a positive impact on Ohio agriculture,” he said.

About Robert Sprague

Robert Sprague became Ohio’s 49th Treasurer of State on Jan. 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.

 

Lynn Snyder 

Lynn Snyder is senior director of communications for Ohio Farm Bureau.