$150K Now Available through Ag-LINK

Online registration is open for farmers hoping to apply for the Agriculture Linked Deposit Program (Ag-LINK). Farmers must submit their application by Wednesday, March 13 at 5 p.m., according to the Ohio Treasurer's Office.

Due to legislative changes in the 129th General Assembly, the loan cap has been raised from $100,000 to $150,000. The Legislature also updated the total funds made available for Ag-LINK in 2013 to $165 million, up from $125 million. 

The treasurer's office said the program, which is in its 28th year, has been updated to account for rising costs for inputs such as feed, seed, fertilizer and fuel. 

"Ag-LINK is an important program and I encourage Ohio farmers to participate," said Treasurer Josh Mandel in a statement. "Agriculture is a vital component of Ohio's economy, and this program is one way that the state helps farmers invest in things like feed, seed, fertilizer and fuel. The interest rate reductions on agricultural loans and lines of credit that we offer help Ohio farmers make the most out of their harvest and start the season out on a strong financial footing."

Also this year, lenders will complete and submit the program application exclusively online. 

In order to participate in Ag-LINK, farms must be for-profit with their headquarters and more than half of their operations maintained in Ohio. To qualify, a farmer must apply and be approved for an operating loan or line of credit from a farm credit lender or an eligible bank. After approval, the applicant may apply for an interest rate reduction from the program.

The timeline for the 2013 Ag-LINK program is as follows:

- Ag-LINK applications must be received by the Economic Development Department at the treasurer's office no later than 5 p.m. on Wednesday, March 13, 2013. 
- Once the application process has been completed, notification of each application's status will be sent to each lender no later than Friday, April 5, 2013. 
- Lenders must confirm acceptance or denial of the linked deposit for each application they have submitted by Friday, April 12, 2013. This is only to confirm that the borrowers will participate in Ag-LINK. 
- Requests for funding will be accepted from Monday, April 15, 2013 through Wednesday, June 26, 2013. All funding must be completed by Friday, June 28, 2013.

Detailed information on the program and eligibility requirements can be found by visiting the treasurer's website at www.OhioTreasurer.gov/AgLINK or by calling the treasurer's Economic Development Department at 1-800-228-1102 (Option #3).

Story originally published in The Hannah Report on February 6, 2013. Copyright 2013 Hannah News Service, Inc.