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Ohio Farmers Can Take Advantage of Low-Interest Loans
By: Jo Ingles | Statehouse News Bureau
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Weather and tariffs have created some tough conditions for Ohio farmers and agribusinesses. But they can get some relief through a state program that reduces the interest on the debt they incur for their operations.
State Treasurer Robert Sprague says 780 farms and agribusinesses took advantage of the Ag-LINK program last year. And now it is time for them to re-apply for the lower interest loans to help with the cost of planting season.
“They can get a discount on the interest rate that’s charged for loans up to $150,000 on things that are operating cost related like feed, seed, fertilizer and fuel and other things that are related to the planting season,” Sprague says.
Sprague explains there are no income limits on the program.
“Any farm or agri-business qualifies for this type of planting loan here in Ohio,” Sprague says.
Farmers can reach out to their ag lenders. They can get an interest rate reduction on loans up to $150,000 for things like seed, feed, fertilizer and fuel. It’s a minimum of one percent but could be more. But some farmers have said that, even with this interest break, it’s hard to make ends meet.