As part of our recently passed Ohio Gains legislation, the Treasurer’s office has modernized our investment strategies to generate further cost savings opportunities for the agriculture community. We’ve updated Ag-LINK to improve accessibility and convenience, while making the program more relevant to the ever-evolving borrowing needs of today’s agriculture industry – helping farmers to save more money during these uncertain economic times.
Included in the legislation is the addition of agricultural cooperatives (co-ops) as eligible borrowers under Ag-LINK. Co-ops face many of the same challenges as other farmers and agribusinesses that are already served through Ag-LINK. Opening the program to co-ops further recognizes their valuable contributions to Ohio’s economy and agriculture industry. Additionally, the legislation removed outdated caps on loan size, allowing the program to keep pace with modern borrowing needs.
As we’ve heard from farmers across the state, lowered borrowing costs can make the difference between being in the black or being in the red. With interest rates rising, the rate reduction offered through Ag-LINK becomes even more meaningful. The Treasurer’s office will review Ag-LINK’s interest rate reduction on a quarterly basis, based on economic conditions. This will ensure that Ag-LINK reflects changes in the interest rate environment and remains relevant and impactful for the farmers who use it.
Through these reforms, we’re cutting bureaucratic red tape and taking Ag-LINK to the next level. We’re proud to support Ohio’s agriculture community, and with these modernization efforts, Ag-LINK is ready to serve the Buckeye State’s next generation of farmers.
For more information, please visit our website at www.ohiotreasurer.gov/Ag-LINK.
Robert Sprague is the Ohio Treasurer.