Treasurer Sprague Opens Ag-LINK Program for 2020 Growing Season
COLUMBUS – To help Ohio farmers and agribusinesses finance the up-front costs of this year’s growing season, Ohio Treasurer Robert Sprague today opened the application period for the Ag-LINK program. The application period will remain open until March 20.
“Our office is committed to supporting Ohio’s farmers and agribusinesses, especially as we follow an extremely tough growing season last year,” said Treasurer Sprague. “Through Ag-LINK, we’re able to alleviate some of the borrowing costs our ag industry faces at the beginning of each year.”
Through this application period, farm operators and agribusiness owners based in Ohio can receive an interest rate reduction on loans up to $150,000. Although the exact amount of the discount will be provided to lenders in late March, the minimum one percent discount announced by Treasurer Sprague in February 2019 remains in place.
The Ohio Treasurer’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, fuel, and other costs. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks and farm credit lenders.
Ag-LINK has been supporting Ohio’s farm community since 1986. The application period typically takes place early in the year prior to the start of the growing season. However, in 2019, Treasurer Sprague reopened Ag-LINK to alleviate some of the borrowing costs for farm operators as they worked their way through a difficult year caused by extreme weather. During the two application periods, the Treasurer’s office helped 780 farmers and agribusinesses lower their interest rates for new loans totaling more than $86.5 million. Additionally, 74 farmers and agribusinesses refinanced previous loans totaling $8.6 million.
Those interested in Ag-LINK should contact their ag-lender to begin the online loan application process. More information on the Ag-LINK program can be found online here.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $20 billion investment and $10 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.