First half of 2024 sees Ag-LINK outpacing last year’s record-breaking savings

COLUMBUS — Ohio Treasurer Robert Sprague announced Wednesday that the Ag-LINK program has helped Ohio’s farmers, agribusinesses, and agricultural cooperatives (co-ops) to save $9,487,642 during the first half of 2024. Thus far, overall savings achieved through Ag-LINK are on pace to top 2023’s record-setting year.

“Recent years have marked a new era for Ag-LINK,” Sprague said. “We’ve worked hard to reform and reimagine this time-tested program so our farmers can get more from their precious, hard-earned dollars. Following a record-breaking year in 2023, we’re proud to carry that momentum forward and continue supporting the agriculture industry across the Buckeye State.”

Through Ag-LINK, farmers, agribusinesses, and co-ops can receive interest rate reductions on new or existing operating loans. For nearly 40 years, the program has helped Ohio’s agriculture community to drive down costs when purchasing items like feed, seed, fertilizer, fuel, equipment, and other expenses.

Loan caps are assessed and set by the Treasurer’s office on an annual basis, and the current cap for 2024 is $500,000.

In 2023, Ag-LINK saved Ohio’s farming community more than $14.1 million, setting a new single-year record and shattering the previous year’s record of $2.038 million in savings. Over the 12-month span, the program provided interest rate reductions on a total of $614,083,754 in loans to 3,132 borrowers.

The new annual records set in 2022 and 2023 were the direct result of Ag-LINK reform efforts that included the transition to a year-long application period, the addition of co-ops as eligible program participants, and the removal of outdated loan caps, as well as increases to the overall costs of borrowing.

More information on the Ag-LINK program, including how to get started, can be found at www.tos.ohio.gov/ag-link/.

Submitted by the Ohio Treasurer’s Office