Ohio farmers can now apply for 2009 funding assistance through the Treasury’s Agricultural Linked Deposit Program (Ag-link). Participating banks throughout the state will begin accepting applications for the competitive program through March 13, 2009. Ag-Link offers reduced interest rate loans to farmers who have been hit hard by economic times and need assistance. The Treasury allocates $125 million of its annual portfolio for the purchase of certificates of deposits from banks, which then pass the savings on to farmers who have been approved for loans. Recipients are chosen on an as-needed basis.
In order to qualify for Ag-link, farms must be for-profit with headquarters and more than half of their operations maintained in Ohio . Additionally, farmers must have a documented need for the reduced interest rate and may request the reduction for up to the first $100,000 of a loan. To apply, farmers must first be approved for an operating loan or line of credit from their Farm Credit System lender or a participating bank. After approval, they may then apply for an interest-rate reduction from the Ohio Treasury. The Treasury does not restrict how the farmer spends the loan funds, but priority for the rate reduction will be given to farmers using the funds for feed, seed, fertilizer and fuel. Honorably discharged veterans will also receive preference.
The deadline for receipt applications is Friday, March 13, 2009 at 5:00 P.M, and applications must be mailed. Faxed applications are not accepted due to the high demand for the program. Written notification of the status of each application will be mailed no later than April 6, 2009. Treasurer Boyce will announce the amount of money invested in each county in early April. Funding will be available as early as April 8, 2009 to assist with spring planting.
Click here for a one page information sheet on this program.
Applications and a list of participating lenders are available on the Ohio Treasury Web site at