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News & Press Releases  /  Ag-LINK

News

4/19/2012

Treasurer Mandel Announces 2012 Awards for Ag-LINK Program

COLUMBUS – State Treasurer Josh Mandel today announced the 2012 awards for the State Treasury’s 2012 Agricultural Linked Deposit Program.  Farmers from across the state applied for and have been approved to receive $59.1 million in interest rate reductions on operating loans and lines of credit this year.  Over 700 farms have been approved to receive Ag-LINK awards, spanning 64 counties. 

“The Ohio Treasury’s Ag-LINK program helps Ohio farmers get the most out of each harvest season, and is an important tool to help reduce the up-front burden of paying for things like feed, seed, fertilizer and fuel,” said Treasurer Mandel.  “Agriculture is one of Ohio’s most important industries, impacting every corner of the state.  Giving Ohio farmers an opportunity to maximize their returns helps all Ohioans and improves the overall economy.”

Ag-LINK, an annual program that has been in existence for 27 years, allows Ohio farmers to apply for interest rate reductions on new or existing loans or lines of credit up to $100,000.  Applications to enroll in the program were accepted from January through March of this year.  In order to become eligible for the Ag-LINK program, applicants must meet the following criteria:

 

  • Must be organized for profit;
  • Must have headquarters and 51% of operations maintained in Ohio;
  • Must obtain an operating loan or line of credit from an eligible bank or Farm Credit Lender;
  • Must use the loan exclusively for agricultural purposes;
  • Must agree to comply with all program and bank regulations.

View a breakdown of 2012 Ag-LINKawards by region and county.

This year, Treasurer Mandel joined with legislative sponsors to propose statutory changes to the Ag-LINK program to improve its effectiveness.  These updates are currently working their way through the legislative process.  Among other things, the legislation would raise the maximum amount of an individual loan from $100,000 to $150,000. This limit was initially enacted over 25 years ago, and the Treasurer believes that it is time for this needed adjustment.  The legislation also updates from $125 million to $165 million the amount that will be available for Ag-LINK deposits.

In addition to legislative changes, Treasurer Mandel has been seeking to improve the Ag-LINK program administratively.  The application has been streamlined and improved to make it easier for farmers to apply, and for the first time this year’s entire application process was completed online. For more information on the Ohio Treasury’s Ag-LINK program please visit www.OhioTreasurer.gov/AgLink.  

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Office Of Debt Mgmt
The Office of Debt Management plays an important role in the operation of state government: it oversees the borrowing of funds to assure it is completed in an efficient manner.
    

SaveNOW
SaveNOW, a program offered by the State Treasurer through our linked deposit authority, offers a 3% bonus interest on savings accounts for Ohio citizens.
    

Smart Money Choices
A free personal financial-planning conference series for all Ohioans presented by State Treasurer Josh Mandel, and supported by a variety of statewide and regional partners.
    

Top-Bottom Review 2011
Review Outlines Steps to Improve Operations, Safeguard Investments, Leverage Technology, Increase Transparency and Modernize Banking Practices
    

e-Funds Transfer
Electronic Funds Transfers makes tax payments easy. Entities that have received a notice from the Ohio Department of Taxation can register for electronic payment via the website.
    

Veteran's Preference
Veteran’s Preference provides veterans with priority to be accepted into the GrowNOW and Ag-LINK linked-deposit programs.
    

GrowNOW
A partnership between eligible banks and the Ohio Treasury, enables small business owners to receive a 3% interest rate reduction on small business loans for two years with the opportunity for renewal
    

Renew & Rebuild Ohio
Small business owners, farmers and homeowners are eligible to receive financial assistance to rebuild and recover following an emergency.
    

Ag-LINK
A program for farms to receive an interest rate reduction on new or existing loans or lines of credit up to $150,000. Applications are accepted on an annual basis from January through March.
    

STAR Ohio
The State Treasury Asset Reserve (STAR) of Ohio, which allows government subdivisions – from municipalities to school districts – to invest funds in a highly-rated public investment pool.
    

CPIM
The Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities.
    

CPIM Conference: Bowling
The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Akron
The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Dayton
The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Columbus
The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

ECO-Link
A partnership between the State Treasurer and participating banks that provides a 3% interest rate reduction for 5 or 7 years on bank loans when completing energy-efficient upgrades to your home.
    

Teacher Academy
The Ohio Treasury's Teacher Academy is a highly successful two-day summer workshop offered in partnership with the Ohio Department of Education and the Ohio Council on Economic Education.