COLUMBUS – In a move that will benefit Ohio’s farmers and agri-businesses, Ohio Treasurer Robert Sprague announced the implementation of a 1 percent minimum loan discount for the Ag-LINK program.
“By being bold and committing ourselves to innovation, we are improving the Ag-LINK program for Ohio’s farmers and agri-businesses,” said Sprague. “Agriculture has long fueled Ohio’s economy, and we’re making sure these entrepreneurs are adequately supported in the years ahead.”
The Treasurer of State’s office administers the Ag-LINK program to help Ohio farm operators and other agricultural businesses finance the up-front operating costs for feed, seed, fertilizer and fuel. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks and farm credit lenders.
Going forward, the Ohio Treasury will ensure a minimum one percent discount for the borrower. The discount is effective this year and is available to farm operators and agri-businesses that use the agriculture linked deposit program. Without it, Ohio’s agriculture businesses would not have received a significant discount on their operation loans.
“Given the challenges of today’s market, this change to the Ag-LINK program will have a positive impact on Ohio agriculture,” said Sprague.
More information on the Ag-LINK program may be found online, http://ohiotreasurer.gov/aglink.