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State Senator Bill Beagle...
Ohio Lawmakers
Introduce Legislation to Encourage Growth of Agricultural Businesses
COLUMBUS—State Senator Bill Beagle (R-Tipp City) recently introduced
legislation to modify the Agricultural Linked Deposit Program, which
supports Ohio’s agricultural community by permitting the Ohio Treasurer
of State to invest in eligible lending institutions that then lend
money to an eligible agricultural business at a reduced interest rate.
Specifically, Senate Bill 281 will increase the maximum amount that the
treasurer may invest in agricultural linked deposits from $125 million
to $165 million. It also would increase the maximum amount that can be
loaned from $100,000 per application to $150,000 per application.
“With this legislation, the State of Ohio can continue to build upon
the already 40,000 farmers that this program has helped over the past
25 years,” said Senator Beagle. “The dollars that are loaned through
the Agricultural Linked Deposit Program become direct investment in
communities across Ohio through purchasing of feed, fertilizer, seeds,
and supplies.”
Senator Beagle unveiled the legislation at a press conference with
Representatives Robert Sprague (R-Findlay) and Brian Hill
(R-Zanesville)—who sponsored the companion legislation, House Bill
415—and representatives from the Ohio Treasurer of State’s office and
the Ohio Farm Bureau Federation.
“The Treasurer of State’s Ag-Link Deposit Program enables our state to
provide low-interest working capital loans that help farmers and the
agricultural community,” said Representative Sprague. “This bill will
update the program to keep up with the rising cost of farm inputs, and
the new limits will ensure the program is relevant in future years.”
“This pro-jobs legislation is needed to help address the needs of the
agriculture industry, a crucial component of Ohio’s economy,”
Representative Hill said. “By increasing the maximum low-interest loan
amount to $150,000 per applicant, farmers will be able to increase
investment in their businesses. This translates to more jobs for
Ohioans and will grow the economy.”
Senate Bill 281 and House Bill 415 each have bipartisan support.
“Ag-LINK seasonal startup loans can help farmers invest in much needed
supplies like feed, seed, fertilizer and fuel that are crucial to a
successful business. Ohio farmers deal with enough red tape, and that’s
why we have streamlined and improved the program over the years,” said
Ohio Treasurer Josh Mandel, whose office administers the Ag-LINK
program. “This legislation will help codify some of these
important changes going forward, which should make it easier for more
Ohio farmers to take advantage of Ag-LINK.”
“Expansion of the Ag-LINK program has long been supported by the Ohio
Farm Bureau and our farmer members,” said Beth Vanderkooi, Director of
State Policy for the Ohio Farm Bureau Federation. “We appreciate the
leadership of Representatives Sprague and Hill, Senator Beagle and
Treasurer Mandel in helping to make the program more accessible to
Ohio’s farmers. We look forward to working with legislative leadership
and stand with our colleagues in agriculture in urging swift passage of
S.B. 281 and H.B. 415.”
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