By Ohio Treasurer Robert Sprague
For nearly 40 years, Ohio’s farming community has turned to Ag-LINK to assist with the upfront costs for feed, seed, fertilizer, fuel, equipment, and other expenses. Through the program, farmers, agribusinesses, and co-ops can save money through interest rate reductions on new or existing operating loans.
The Treasurer’s office has worked closely with agriculture stakeholders across the state to modernize Ag LINK and make it more useful in today’s economic environment. I’m happy to share that these reform efforts are paying off and the program is providing more savings than ever before. In 2023 alone, Ag-LINK saved Ohio’s farming community more than $14.1 million, shattering 2022’s single-year record of $2.03 million. All told, that’s a 594% increase in year over year savings.
The effort to overhaul Ag-LINK was not a solution in search of a problem. Rather, it came as a direct result of the feedback we received about the ways high inflation and supply chain issues were increasing the cost of doing business. By working together with farmers across the state, we reimagined this long-standing program to work better for the people who work so tirelessly to put food on our tables.
We look forward to building upon 2023’s success and continue making significant savings accessible to Ohio’s agriculture industry. For the first quarter of 2024, Ag-LINK’s minimum loan discount is set at 2.65%. Additionally, this year’s loan cap has been set at $500,000. Agriculture has long been the backbone of our state’s economy, and the Treasurer’s office is proud to do its part to ensure that remains true for years to come. I encourage all farmers, agribusinesses, and co-ops looking at financing options to talk to their financial institution about how Ag-LINK can help them save. More information on Ag-LINK can be found on our website at https://www.tos.ohio.gov/ag-link/.