State Representatives Robert Sprague (R-Findlay) and Brian Hill (R-Zanesville) have announced that Governor John Kasich recently signed 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.

House Bill 415 increases the maximum amount that the treasurer may invest in agricultural linked deposits from $125 million to $165 million. It also increases the maximum amount that can be loaned from $100,000 per application to $150,000 per application.

“The law expands and updates the Ag-LINK Program that has worked for Ohio farmers since the 1980s, but updates and expands it to account for today’s rising cost of inputs, such as seed, fertilizer, and fuel,” said Representative Sprague. “In addition, it keeps money in the local community banks so that they can make loans not only to the agricultural community but also to small businesses to get our economy going.”

“As an owner of a family farm, I know firsthand how this bill will benefit Ohio’s agriculture industry,” said Representative Hill. “I applaud Treasurer Mandel and his team, along with the Ohio Farm Bureau, on their hard work with this piece of legislation.”

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 new law will make Ag-LINK more effective for Ohio farmers, who have benefited from the program for the last 27 years. Raising the maximum loan limit will help farmers cover more of the up-front costs of things like feed, seed, fertilizer and fuel under one loan, simplifying and improving the process,” said Treasurer of State Josh Mandel. “This new law is just one of the ways we are working hard to improve the Ag-LINK program, recognizing the importance of agriculture to Ohio’s overall economy.”

In 2012, over 700 farms in 64 counties were approved to receive interest rate reductions on more than $63 million in loans.

House Bill 415 received unanimous support in the Legislature.


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