As Planting Season Approaches, Ohio Offers Low-Interest Loans To Farmers
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.
Ohio Treasurer Robert Sprague says 780 farms and agribusinesses took advantage of the Ag-LINK program last year. Now it’s 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 agriculture lenders to apply for the program. The interest rate reduction is a minimum of 1% but can be more.
Some farmers have say that, even with this break, it’s hard to make ends meet.