Farmers in Ohio are getting help with the up-front costs that come with the beginning of the growing season thanks to Ohio’s State Treasurer.
Many farmers have to take loans out to buy the supplies they need to start the season like seeds, fertilizer, and fuel. Robert Sprague, the Ohio State Treasurer, says that the program “Ag-Link” will help reduce interest rates on agricultural business operation loans.
“This has a real impact on farm communities, and again it’s our way to chip away at some of the costs that they face in a very very difficult commodities market as well as a wet growing season last year,” says Sprague.
Through Ag-Link, farmers can apply for an interest rate reduction on new or existing loans up to $150,000. Last year, the Treasurer's Office helped 780 farmers lower their interest rates for new loans, and an additional 74 farmers were able to reduce rates on previous loans. Farmers can start applying now through March 20th. To find the application, go to treasurer.ohio.gov/aglink.
