Farmers invited to apply for aid

Farming remains Ohio’s leading industry, state officials said.

SPECIAL TO THE VINDICATOR

COLUMBUS — Treasurer Kevin Boyce announced that Ohio farmers can now apply for 2009 funding assistance through the Treasury’s Agricultural Linked Deposit Program or Ag-Link. Participating banks throughout the state began accepting applications for the competitive program Monday and will continue to do so through March 13.

Ag-Link offers reduced interest-rate loans to farmers who have been hit hard by economic times and need assistance.

The Treasury allocates $125 million of its annual portfolio for the purchase of reduced-rate certificates of deposits from banks, which then pass the savings on to farmers who have been approved for loans. Recipients are chosen on an as-needed basis.

“Family farms and agri-businesses can save up to $3,000 a year in interest-rate reductions with this program,” Boyce said in a press release.

In order to qualify for Ag-link, farms must be for-profit with headquarters and more than half of their operations maintained in Ohio. Additionally, 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.

According to the Ohio Department of Agriculture, farming is the leading industry in Ohio, employing 14 percent of the state’s work force. In 2008, more than 1,600 farmers in 87 of Ohio’s 88 counties received reduced-rate loans.

To apply, farmers must first be approved for an operating loan or line of credit from their Farm Credit System lender or a participating bank. After approval, they may then apply for an interest-rate reduction from the Ohio Treasury.

The Treasury does not restrict how the farmer spends the loan funds, but priority for the rate reduction will be given to farmers using the funds for feed, seed, fertilizer and fuel. Honorably discharged veterans also will receive preference.

The deadline for receipt of applications is 5 p.m. March 13, and applications must be mailed.

Written notification of the status of each application will be mailed no later than April 6.

Funding will be available as early as April 8 to assist with spring planting.

Applications and a list of participating lenders are available on the Ohio Treasury Web site at www.ohiotreasurer.gov; click on the Linked Deposits link and look for Ag-Link.