Loan program helping Ohio farmers amid inflation
COLUMBUS, Ohio (WCMH) — As you see prices rise due to inflation, so do small business owners like farmers. The agriculture industry is facing increases of up to 300% in agricultural supplies and equipment.
With the ag-LINK program, taking out loans to track production becomes less of a burden.
“Seed and fertilizer costs have skyrocketed over the past year and we now see inflation at 9.1%, a 30-year high for the United States of America,” he said. said Treasurer Robert Sprague.
The ag-LINK program has helped reduce interest on 213 loans in Central Ohio alone since the start of the year. Right now, the interest rate cut is about half a percent.
“As the interest rate environment continues to rise, we can increase this reduction in their loan up to 3%,” Sprague said.
Statewide, the total savings for borrowers exceeds $1.4 million. Brandon Kern, senior director of state and national policy for the Ohio Farm Bureau, says even if food prices go up 10%, most of the time it doesn’t trickle down to farmers.
“It’s the whole middle process of logistics and supply chain, processing costs,” Kern said.
Kern said the industry expects agricultural commodity prices to decline over the year, which has some farmers worried. He said supporting the industry is important to Ohio’s economy.
“One in eight jobs in our state is related to either growing food or getting that food from farm to consumer,” Kern said.
If you are a farmer or agribusiness operator and are interested in registering, you must:
- To be organized for profit
- Have headquarters and 51% of operations maintained in Ohio
- Use the loan exclusively for agricultural purposes
- Agree to abide by all program and financial institution regulations
You can find the application and eligible financial institutions here. Call 614-466-6546 or email [email protected] for more information.
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