Mandel: $68.9 million available for Ag-LINK
loans
Treasurer Mandel Announces $68.9 Million in Reduced Rate Loans for Over
800 Ohio Farmers through Ag-LINK Program
COLUMBUS – State Treasurer of Ohio Josh Mandel today announced
approving $68.9 million in Agricultural Linked Deposit (Ag-LINK) funds
awarded to over 800 farmers from all corners of the state.
“Ag-LINK is a great program that offers Ohio’s farmers reduced rate
loans to provide needed funds for a successful season. Through
the Ag-LINK program the state invests in our agriculture community and
helps provide farmers with important financial tools to help weather
the up-front costs of their farming operations,” said Treasurer
Mandel. “This translates into real money that farmers can use to
invest in their operations, which is very important in an era when many
are struggling to make ends meet.”
This annual program provides an interest rate reduction on operating
loans and lines of credit to Ohio’s farming community. Every year
before the planting season, many farmers finance their operating costs
for feed, seed, fertilizer, and fuel. The Ohio Treasury places
deposits with Ohio’s banks at below market rates when the bank agrees
to reduce the interest rate on a farmer’s loan. Loans approved
through Ag-LINK this year will receive a .35% savings over a
traditional loan, with average borrowing rates of 4.71% reduced to
4.36%.
Ohio’s agriculture industry employs one-in-seven Ohioans and pumps $98
billion into the state’s economy each year. This year, 843
recipients were awarded Linked Deposits in 67 counties across the state
with the average number of acres farmed being 790. The Ag-LINK
program is used by both full-time and part-time farmers on both large
and small farms. The average amount of loans approved is
$72,000. View a Breakdown of Ag-LINK Awards by Region and
County. For more information on the Ohio Treasury’s Ag-LINK
program please visit www.OhioTreasurer.gov.
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