COLUMBUS – Applications are now available for farmers and small agricultural businesses wishing to apply for the 2005 Agricultural Linked Deposit program, which makes reduced-rate loans available for their 2005 operations.
Where to apply. Applications for the $125 million program are available at local branches of the Farm Credit System and at banks that are designated state depositories.
Additionally, forms can be printed from the Treasury Web site at www.ohiotreasurer.org. The deadline for applications to be received is March 11.
In order to qualify for a reduced interest rate Agri-Link loan, a farmer must have a farm that is headquartered in Ohio, maintain 51 percent of the land and /or operating facilities in Ohio and be organized for profit.
The maximum allowable loan is $100,000 per applicant.
The process. Ohio farmers may submit completed applications to local lenders designated as state depositories, and at branches of the Farm Credit System.
Applications that are deemed credit-worthy by the lender are sent to the Treasurer’s Office for approval of the interest rate reduction.
Once approved, the Treasurer’s Office purchases a certificate of deposit (CD) with the lender in the amount of the requested loan.
The Treasurer’s Office agrees to accept a reduced interest rate on the CD, and that reduction is passed on to the farmer in the form of a reduced-rate loan.
Learn more. For more information and for a list of state depository lending institutions call the Treasurer’s Office at 1-800-228-1102, or visit www.ohiotreasurer.org.
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