The Ohio House of Representatives today unanimously passed House Bill 415, which modifies Ohio’s Agricultural Linked Deposit Program. The bill supports the state’s agricultural community by permitting the Treasurer of State to invest in eligible lending institutions that then lend money to an eligible agricultural business at a reduced interest rate.

Sponsored by State Representatives Robert Sprague (R-Findlay) and Brian Hill (R-Zanesville), the legislation would increase the maximum amount that the treasurer may invest in agricultural linked deposits from $125 million to $165 million. It also would increase the maximum amount that can be loaned from $100,000 per application to $150,000 per application.

“I am pleased to sponsor this bill, along with Representative Hill, for farmers in every corner of Ohio,” Representative Sprague said. “Because of the rising costs of farm inputs, this bill allows farmers the opportunity to combat rising costs with low interest rate loans.”

The increased amounts are recommended by the Treasurer of State because of the growth of the state’s investment portfolio and will serve to boost Ohio’s agricultural community. By increasing the maximum low-interest loan amount to $150,000 per applicant, farmers will be able to increase investment in their businesses, creating more jobs for Ohioans.

“This pro-jobs legislation is needed to help grow Ohio’s economy by helping those in the agriculture industry to start up or expand their farming business,” Representative Hill said. “As a co-owner of my family farm in Muskingum County, I know the benefits the Ag-LINK program has provided to many farming businesses.”

House Bill 415 will update the Agricultural Linked Deposit Program to keep up with the rising cost of farm inputs and make it easier for Ohio farmers to take advantage of it. The dollars that are loaned through the program become direct investment in communities across Ohio through purchasing of equipment, feed, supplies, and seeds.