COLUMBUS—State Senator Bob Peterson
(R-Washington Court House) is reminding local businesses that the deadline to apply for the 2019 Agriculture Linked Deposit Program (Ag-LINK) is fast approaching, with applications due no later than Thursday, March 14.
The Ag-LINK program aims to help Ohio farm operators and other agricultural businesses finance the up-front operating costs for feed, seed, fertilizer and fuel by providing an interest rate reduction on agriculture business operation loans. Since the program's inception, over $3 billion has been financed using the reduced rates.
"As Ohio's top industry, it is important that we continue to find new ways to incentivize investment in agriculture and, most essentially, to ensure that information is available to our constituents," said Peterson. "Every farmer and agri-business owner knows the importance of securing an affordable loan for the growth of business operations. With a strong agricultural heritage, I hope those in our district will take advantage of this opportunity."
The actual application must be completed online through a participating financial institution
. Lenders must complete and submit applications on behalf of their borrowers and use the Banker Login to access the online application
In order to qualify for the program, applicants must:
- be organized for profit;
- have headquarters and 51% of operations maintained in Ohio;
- obtain an operating loan or line of credit from a participating bank or Farm Credit Lender;
- use the loan exclusively for agricultural purposes; and
- agree to comply with all program and bank regulations.
Last week, Treasurer Robert Sprague announced
that going forward the Ohio Treasury will ensure a minimum one percent discount for borrowers who utilize the program.
“By being bold and committing ourselves to innovation, we are improving the Ag-LINK program for Ohio’s farmers and agri-businesses,” said Treasurer Sprague. “Agriculture has long fueled Ohio’s economy, and we’re making sure these entrepreneurs are adequately supported in the years ahead.”
For more information on the Ag-LINK program or questions about the application process, please visit http://treasurer.ohio.gov/aglink
. For the 2019 Ag-LINK schedule and deadlines, click here