COLUMBUS — State Sen. Rob McColley, R-Napoleon, is reminding local businesses the deadline to apply for the 2019 Agriculture Linked Deposit Program (Ag-LINK) 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, more than $3 billion has been financed using the reduced rates.
“Northwest Ohio is an area of boundless opportunities for those who work in agri-business,” said McColley. “This program helps to ease some of the operation costs that go into growing and maintaining a strong business climate in our part of the state. If you are looking for more information, or think this could be right for you, I encourage you to check out this opportunity before the fast-approaching deadline.”
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 percent 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, visit http://treasurer.ohio.gov/aglink.
(Information courtesy of the office of Sen. Rob McColley.)