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State program provides reduced interest rates on farm loans

Posted at 8:08 PM, Jul 09, 2019
and last updated 2019-07-09 20:08:35-04

COLUMBUS — Farm operators and agribusiness owners based in Ohio may now apply for a re-opened state program that helps provide reduced interest rates on loans.

Ohio Treasurer Robert Sprague said Monday he has re-opened the Ag-LINK Program’s application period due to the impact of recent storms and flooding on Ohio agriculture. It will remain open until Nov. 15.

Under the program, farm operators and agribusiness owners based in Ohio can apply to receive a 2% interest rate reduction on loans up to $150,000. Ag-LINK provides an interest-rate reduction on agriculture business operation loans at eligible banks and farm credit lenders.

The treasurer’s office administers the program to help farm operators and other agricultural businesses finance up-front operating costs for feed, seed, fertilizer, fuel, and other flood-related expenses.