Ag Link Deposit Program Accepting Loan Applications – Ohio Ag Net
By Chris Zoller, Extension Educator, Ohio State University, ANR, Tuscarawas County
The Ohio State Treasurer is now accepting applications for the Ohio Agriculture Related Deposit Program. The program offers operating loans of up to $150,000 at an interest rate of up to 3%. The program helps farmers and agribusinesses cover initial operating costs for feed, seed, fertilizer, fuel and other expenses by providing interest rate reductions on new or existing with eligible financial institutions.
Loan application requirements for farms and agribusinesses are straightforward and include the following:
- Must be organized for profit;
- Must have headquarters and 51% of operations maintained in Ohio;
- Muse uses the loan exclusively for agricultural purposes; and
- Must agree to abide by all program and financial institution regulations.
How the program works
Farmers and agribusinesses contact a participating lender who will submit the application. Once submitted, the Treasurer’s Office begins the review process. If all eligibility requirements are met, the application is approved. At the request of the financial institution, the Treasurer’s Office will make a deposit or purchase an investment at a negotiated below market rate. The participating financial institution offsets the borrower’s interest rate with the same negotiated rate.
Participating financial institutions
The Treasurer’s Office works closely with several Ohio financial institutions to provide the Ag Link deposit program. To see the list of participating institutions, please click here: https://tos.ohio.gov/financial-institutions-and-investors/
Additional information about the Ag Link deposit program can be found here: https://tos.ohio.gov/ag-link/.