COLUMBUS – With “Ohio Agriculture Week” taking place during March 8-14, State Rep. Jon Cross (R-Kenton) is informing Ohio farmers that Ag-Link is offering reduced rates for agriculture-related business loans through the Ohio Treasury. Farmers and agriculture business owners have until March 20 to take advantage of the Agricultural Linked Deposit Program (Ag-Link).
“Farmers are vital to the 83rd House district,” said Cross. “The Ag-Link program is a great way to help them offset the impact of costs they incur as they help make our communities and Ohio economy thrive.”
According to the USDA National Agricultural Statistics Service, 2018 numbers rank Hancock County as number four and six in production for both soybeans and wheat respectively throughout Ohio. Additionally, Hardin County is ranked number four and eight for corn and soybeans respectively. Combined, Hancock and Hardin counties generated over $358 million for total crop and livestock revenue in 2017. Cross represents both of these counties within the Ohio 83rd House district.
Upon application and approval, Ag-Link allows farm operators and agriculture business owners to receive up to a three percent interest rate reduction on new or existing operating loans up to $150,000. This will help farmers with the costs of feed, seed, fertilizer, fuel, and inventory.
Those applying must meet the following qualifications:
.Be organized for profit
.Have headquarters and 51 percent of operations maintained in Ohio
.Use the loan exclusively for agricultural purposes
.Agree to comply with all program and financial institution regulations
Those who are veterans, the program provides veteran preference for those who qualify.
Last year, the program assisted 780 farmers and agriculture businesses that lowered rates on loans for a total of more than $86.5 million.
To apply before the March 20 deadline, you can visit www.ohiotreasurer.gov/AgLink or call 1-800-228-1102.