Local
Floods lead State of Ohio to re-open farm loan program
COLUMBUS, OH (TiffinOhio.net News) — Due to extreme weather that has taken a toll on parts of Ohio, Treasurer Robert Sprague announced Monday he has re-opened the application period for the Ag-LINK program.
Through this round of applications, farm operators and agribusiness owners based in Ohio can receive a 2% interest rate reduction on loans up to $150,000.
“Agriculture is the backbone of Ohio’s economy,” Sprague said in a news release. “But with heavy rain and floods wreaking havoc on fields across the state, we want to make every opportunity available to help offset some of the inevitable losses that come with this level of severe weather. The Ag-LINK program can help alleviate some of the borrowing costs for farm operators as they work their way through this extremely difficult growing season.”
The treasurer’s office administers the Ag-LINK program to help operators and other agricultural businesses finance up-front operating costs for feed, seed, fertilizer, fuel and other flood-related costs. Ag-LINK provides an interest rate reduction on agriculture business operation loans at eligible banks and farm credit lenders.
The application period is to remain open until Nov. 15. Operators and agribusinesses that received loans through Ag-LINK earlier this year may be eligible during this application period if they did not request the $150,000 program limit.
People interested in Ag-LINK should contact a participating bank or Farm Credit Service lender to begin the loan application process. More information on the Ag-LINK program, including a list of participating financial institutions, may be found online at www.tos.ohio.gov/Ag-LINK-Extreme-Weather-Relief.
In addition to the Ag-LINK program, farmers and agribusinesses impacted by severe weather may be eligible for loans through two other economic development programs offered by the treasurer’s office.
The ReEnergize Ohio four-year program provides qualified small business owners with up to a 3% interest rate reduction on new or existing small business loans up to $550,000. Loans can assist with costs related to the repair of storm-damaged buildings and equipment.
Additionally, some small business owners may qualify for the GrowNOW two-year program, which offers up to a 3% interest rate reduction on loans up to $400,000 and is renewable. Under GrowNOW, businesses must commit to creating or retaining at least one full-time or two part-time jobs in Ohio for every $50,000 borrowed.
