Program to benefit farmers
Source: The Register Herald
January 23, 2008
A reduced interest rate financing program for Ohio farmers is again available through the Ohio Department of Treasury's Agri-Linked Deposit Program.
Each year, the program allocates $125 million of low-interest loans to help farmers with the costs associated with their operations including seed, feed, fertilizer and fuel. The funds are disbursed through financial institutions throughout the state, including Farm Credit Services of Mid-America, an agricultural-financial cooperative.
Last year, the Farm Credit cooperative channeled roughly $20 million to Ohio farm members with reduced rates to their operating loans. The request for reduction may be up to the first $100,000.
According to Amy Weaver, financial services officer for Farm Credit Services in Eaton, last year, over 80 percent of the applications submitted for her office to the state treasury department were approved. Weaver said farmers need to document how the program will contribute to their farm's ability to meet planting deadlines. Because the FCS staff is familiar with the program, they will work with customers to help them put their plan together.
The deadline to submit an application to the state is Saturday, March 15.
The Agri-Linked Deposit Program continues to be one of the Ohio Treasury's most popular programs. Because of its popularity, the Ohio General Assembly made the program a permanent initiative of the Office of the Treasury. Since 1985, more than 28,000 loan applications have been approved, totaling $1.9 billion.
Farm Credit is an $12 billion ag financial cooperative serving over 72,500 members throughout Kentucky, Ohio, Indiana and Tennessee. The cooperative provides loans and leases for all purposes including farm real estate, operating, equipment and housing loans. They also provide services such as crop and life insurance and leasing.
click here for more information
|
