State to Reopen Loan Program for Flooded Farmers
The state is giving farmers another opportunity to apply for loans as they deal with severe weather and flooding that has kept many farmers from planting their crops.
The Ohio Treasurer’s Office is reopening its Ag-LINK program which can grant farmers up to $150,000 in loans.
The program usually operates between January and March, but Treasurer Robert Sprague said this can help those struggling with flooding.
“This is something that we can do to help make sure that those who do want to plant yet this year have another window and hopefully have a little bit of a lower cost because they’ve been just really hammered this spring with the weather.”
Sprague adds interest rates have been reduced by 2%, and the application window is open until mid-November.
The Ag-LINK loan program is run through participating banks and lenders.