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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.
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