Columbus – The Ohio Treasury is now accepting applications for the Agricultural Linked Deposit program. Known as Ag-LINK, the annual program provides an interest rate to Ohio farmers who need help offsetting the cost associated with feed, seed, fertilizer, and fuel.
 
 “At the Ohio Treasury, we recognize that one of the most challenging aspects of running a business is financing it,” said Ohio Treasurer Kevin L. Boyce.  “I am proud to say that for the past 25 years, the Ag-LINK program in offering reduced rate financing to help Ohio farmers operate and thrive.”
 
Since its inception, Ag-LINK has helped over 28,000 farmers receive reduced rate financing totaling $1.9 billion.  In 2009, the Ohio Treasury awarded $123,090,805 to farmers in 82 of the state’s 88 counties.
 
“In these difficult economic times, Ohio’s farmers should know there is some relief through financial opportunities to help lessen their financial burden,” said Ohio Agriculture Director Robert Boggs.  “Food and agriculture together make up Ohio’s number one industry, contributing more than $98 billion to the state’s economy.  Programs like these [Ag-LINK] help to create jobs and keep these industries viable and strong.”
 
In addition to the Ag-LINK program, the Ohio Treasury offers farmers the GrowNOW program.  Through this program, the Ohio Treasury has invested in over $350 million in low-cost financing for small businesses seeking to create and retain jobs in our state.  Similar to Ag-LINK, when a business owner takes out a loan with a participating bank, GrowNOW can provide a 3% interest rate reduction on their loan.  Ohio Farmers who are eligible for the Ag-LINK program are encouraged to also apply for the GrowNOW program.  Both programs can be used concurrently.
 
To qualify for the Ag-LINK program, farms must be for-profit with headquarters and more than half of their land and facilities maintained in Ohio.  Farmers must have a documented need for the reduced interest rate, and may request the reduction for up to the first $100,000 of a loan. To qualify GrowNOW, business owners must have less than 150 employees, have offices in Ohio and be organized for-profit.
 
Applications for the Ag-LINK and GrowNOW programs can found on the Ohio Treasury’s website, www.ohiotreasurer.gov.  The deadline to submit applications for the Ag-LINK program is Friday, March 12, 2010 at 5:00 pm.  Applications must be mailed or dropped off at the Ohio Treasury’s offices located at 30 E. Broad Street, 9th floor, Columbus, Ohio 43215.   Applications for the GrowNOW program are received and reviewed on an ongoing basis. For more information about Ohio Treasury programs, please call:  1.800.228.1102.