COLUMBUS, OH (WLIO) - Ohio farmers who are facing high-interest rates on agriculture projects will have a new avenue to save on total costs.
The Treasurer of the State of Ohio Robert Sprague announced a new revamped version of Ag-LINK, a program that aims to give farmers, agri-businesses, and co-ops reduced interest rates on new or existing operating loans. Those who are considered organized for profit, have headquarters and 51% of operations in Ohio, have a loan exclusively for agricultural purposes, and agree to all financial regulations, are eligible for the program.
"Beginning this quarter, we have a 2% reduction on the interest rate for farmers this year as part of our Ag-LINK program. This is really important because in the first six months they have had massive inflation, in the last six months of this year the federal reserve have raised interest rates seven times. So as those interest rates go up, it makes farmers' margins razor thin, and while everything is going against them, and against them, working against them from Washington D.C., we want to make sure that in Ohio, the Treasurer's Office is helping them," stated Robert Sprague, Ohio Treasurer.
If you are interested in joining the Ag-LINK program, you are asked to contact your loan provider.
