State Treasurer Robert Sprague shares state programs that can assist Medina County residents

Medina County farmers, small-business owners and individuals with disabilities can participate in programs offered by the state treasurer's office to help them financially. State Treasurer Robert Sprague said the Ag-LINK program lowers the interest rate for farmers on planting loans and livestock loans. "We put a deposit at that financial institution that they get their loan from," he said. "We accept a below-market-rate interest loan on our deposit, and they pass that 1- to 3-percent reduction onto the farmer and lower the interest rate for the loan." A few years ago, the treasurer's office noticed the program was not meeting the needs of all of Ohio's farmers, so they were asked how the program could be improved, Sprague said. "The first thing is cooperatives don't qualify for a reduction in the interest rate on a loan," he said. "They buy everything through the cooperatives, so we made the change to include the cooperatives." The cap was also increased from $250,000 to $1 million since inflation has raised the cost of things like seed, fuel and fertilizer, Sprague said. Changes were also made to help livestock farmers since they need access to capital year-round. "When the pigs finish, that's when they need the next round of financing, but we only allow the financing during the winter months in preparation for the spring planting," he said. "How about having access to the Ag-LINK program year-round? So, we made that change." The Buckeye Business Advantage program is a "3-2-1" program for small Ohio businesses, Sprague said. Businesses can borrow and reduce their interest rate up to 3 percent for up to two years on a loan for up to $1 million. "It's flexible capital because what small businesses need is sometimes they need to build out that additional facility, sometimes they need to implement the new product line, sometimes they need to hire more employees, so they need working capital," he said. "This program takes care of all of those things." STABLE accounts are also available, which provide a flexible spending account for people who have a disability, Sprague said. The account helps people save for trips, buy a house or car or use their money for whatever they need. "It allows people who have disabilities to work and live out in the community, earn their own money, spend their money the way they want to and not have their medical benefits to be taken away," he said. The intention behind the programs is to make life better for Ohioans, Sprague said. For more information on programs offered by the state treasurer's office, visit tinyurl.com/2ut59jyk. "I think affordability is a real issue for small businesses and for individuals," he said. "We want to do what we can with the treasury to help people to afford things." Contact reporter Madisyn Woodring at (330) 721-4049 or mwoodring@medina-gazette.com.