State program provides reduced interest rates on farm loans

Posted at 9:48 AM, Jul 09, 2019

COLUMBUS, Ohio (AP) — 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.

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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.