Ohio’s Ag-Link program has helped the state’s ag industry save $9,487,642 during the first half of 2024. Overall savings achieved through Ag-Link are on pace to top 2023’s record-setting year, Ohio Treasurer Robert Sprague says.

Through Ag-Link, farm operators, agribusinesses and co-ops can receive up to a 3% interest rate reduction on new or existing operating loans.

For nearly 40 years, the program has helped Ohio’s agricultural community to finance upfront costs for feed, seed, fertilizer, fuel, equipment and other expenses.

“Recent years have marked a new era for Ag-Link,” Sprague says. “We’ve worked hard to reform and reimagine this time-tested program, so our farmers can get more from their precious, hard-earned dollars. Following a record-breaking year in 2023, we’re proud to carry that momentum forward and continue supporting the agriculture industry across the Buckeye State.”

Loan caps are assessed and set by the treasurer’s office on an annual basis, and the cap for 2024 is $500,000.

In 2023, Ag-Link saved Ohio’s farming community more than $14.1 million, setting a new single-year record and shattering the previous year’s record of $2.038 million in savings. Over the 12 month-span, the program provided interest rate reductions on a total of $614,083,754 in loans to 3,132 borrowers.

The new annual records set in 2022 and 2023 were the result of Ag-Link reform efforts that included the transition to a yearlong application period, the addition of co-ops as eligible program participants and the removal of outdated loan caps, as well as increases to the overall costs of borrowing.

More information on the Ag-Link program, including how to get started, can be found at tos.ohio.gov/ag-link.

Source: ODA