Keep the farm protected with inflation guard coverage
Staying on top of your insurance coverage can help keep unexpected expenses like rising replacement costs from cutting potential farm revenue.
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Ohio Treasurer Robert Sprague recently announced important updates to the long-standing and recently revamped Ag-LINK program.
As part of House Bill 440, recent legislation passed to advance the Ohio Gains initiative, agricultural cooperatives have been added as eligible Ag-LINK borrowers for the first time in the program’s history. Programmatic and loan caps also have been removed from statute to ensure the program keeps pace with changing economic conditions.
Earlier this year, it was announced that for the first time ever, applications will be accepted year-round to provide borrowers with greater flexibility and access to lower-cost capital when they need it most.
“For decades, Ag-LINK has supported Ohio farmers by driving down the cost of doing business,” Sprague said. “As they face new challenges caused by crippling inflation and massive supply chain issues, we’ve taken Ag-LINK to the next level to better meet their needs. We’re proud to make these much-needed improvements at this critical time and serve the Buckeye State’s next generation of farmers.”
In the first quarter of 2022, Ag-LINK:
- Supported 530 loans to Ohio agricultural businesses across 54 counties totaling more than $103 million.
- Saved Ohio agricultural businesses at least $518,453 (based on the first quarter minimum loan discount of .50%).
The Ohio Treasurer’s office administers the Ag-LINK program to help farm operators, agribusinesses, and now agricultural co-ops, finance the upfront operating costs for feed, seed, fertilizer, fuel, equipment and other costs.
Those interested in Ag-LINK should contact their financial institution to begin the online loan application process.
The plan we are on is great. It’s comparable to my previous job's plan, and we are a sole proprietor.
To grow a network and gain perspective and knowledge in the industry through personal and professional development has been invaluable. Every day I learn and grow.
The issue of property taxation remains as one of the biggest challenges our members face today. Ensuring agricultural property is valued for its agricultural potential and not development is critical to the continued success of Ohio agriculture.
Farm Bureau is what really got the word out. It’s been one of their goals to get this done.
I could not have done it without the resources I have found through Farm Bureau.
Because we are younger farmers just starting out, Farm Bureau has a lot of good opportunities and resources to help us grow in the future.
Through the Select Partner program, we became educated in farm insurance and weren't just selling policies. It became more and more clear why farmers need an advocate like Ohio Farm Bureau.
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