Many Ohio farmers struggle to absorb the high cost of borrowing operating funds to run their businesses each year. In 1985, the Ag-Link Deposit Program was created to help offset the impact of those costs.
The Department of Economic Development within the Ohio Treasury administers Ag-Link. This is an annual program that provides an interst rate reduction on operating loans and lines of credit to Ohio's farming community. Every year before the planting season, many farmers finance costs of inputs for their operations such as feed, seed, fertilizer, and fuel. Much like with GrowNOW, the Ohio Treasury places deposits with Ohio banks at below market rates when the bank agrees to reduce the interest rate on the farmer's loan. By law, $125 million is allocated for Ag-Link annually.
This program allows Ohio farmers to apply for reduced-interest loans of up to $100,000. If an eligible farmer’s application is accepted, the Treasurer purchases a certificate of deposit at a reduced rate from a lender for one year. In turn, that lender lowers the interest rate of the loan given to the farmer.
For more than 20 years, Ag-Link has been increasing Ohio farmers’ opportunities to operate and thrive. As a result of this program, the Treasurer for the State of Ohio has helped over 28,000 farmers receive reduced rate financing on over $1.9 billion.
Agriculture is a key part of our state’s economy. By making it possible for Ohio farmers to run healthy businesses, we keep one of state’s most important sources of revenue healthy, too.
> Download the Ag-Link Brochure
> Eligibility requirements
> Apply as a farmer
> Apply as a bank
> 2010 Agriculture Linked Deposit Schedule