Treasurer Josh Mandel...
Farmers can apply online for Interest Rate Reduction Program
will be accepted through March 9
January 19, 2012
process has been streamlined and simplified to better serve Ohio’s
Ohio Treasurer Josh Mandel announced today that the 2012 Agricultural
Deposit Program (Ag-LINK) application period will begin on Thursday,
19, 2012 and end on Friday, March 9, 2012 at 5:00 PM.
This will mark the 27th year that the
Treasurer’s linked deposit program has assisted Ohio farmers.
pleased to announce the opening of the 2012 Ag-LINK program application
and encourage Ohio farmers to participate.
This program allows Ohio’s agricultural
community to receive an interest
rate reduction on loans and lines of credit so they can start the
season off on
strong financial footing,” said Treasurer Mandel.
“Agriculture is vital to Ohio’s economy,
touching every corner of the state and feeding our residents. Through the Ag-LINK
program, the Ohio
Treasurer’s office helps farmers receive a reduced rate on their loans,
allowing them to invest in much needed supplies like feed, seed,
fuel that are crucial to a successful harvest.”
be the first year that the entire Ag-LINK program application will be
exclusively online. The
process has been simplified and streamlined in order to take advantage
technology to administer the program and make it more user-friendly for
“As part of
my commitment to improve our use of technology to better serve Ohio
constituents, we have streamlined the Ag-LINK application process this
that it will be fully completed online,” said Treasurer Mandel. “Farmers have to deal with
tape. We strive to
make the process of
applying for an Ag-LINK interest rate reduction as easy as possible.”
In order to
qualify for Ag-LINK, farms must be for-profit with their headquarters
than half of their operations maintained in Ohio.
To qualify, the farmer must apply and be
approved for an operating loan or line of credit from a farm credit
an eligible bank. After
farmer may apply for an interest rate reduction from the Ohio
must be received by the Treasurer’s office no later than Friday, March
at 5:00 PM.
agriculture industry employs one in seven Ohioans and pumps $98 billion
the state’s economy each year. In
843 farmers in 67 counties were awarded $68.9 million in Ag-LINK funds
the state, and the average approved loan amounted to $72,000. Recipients represented a
wide variety of
businesses within the farming community, including but not limited to
traditional farmers and owners of livestock, orchards and nurseries.
the timeline for the 2012 Ag-LINK program:
application period begins on Thursday, January 19, 2012.
applications must be received by the Economic Development Department at
State Treasurer’s office no later than 5:00 PM on Friday, March 9, 2012.
application process has been completed, notification of each
status will be sent to each lender no later than Friday, April 6, 2012.
the State Treasurer’s office is requiring lenders to confirm acceptance
denial of the linked deposit for each application they have submitted
Friday, April 13, 2012. This is only to confirm that your borrowers
participate in Ag-LINK. Once the application has been approved and
funding requests can be submitted beginning April 13th.
will begin on Monday, April 16, 2012 and may be requested through
June 27, 2012. Requests for funding are due 24 hours prior to the
Detailed information on the program and
eligibility requirements can be found by visiting the State Treasurer’s
at www.ohiotreasurer.gov/aglink or by calling the State Treasurer’s
Development Department at (800) 228-1102 (Option #3).