( COLUMBUS )--Ohio Treasurer Richard Cordray today encouraged farmers to quickly complete their applications for the 2008 Agricultural Linked Deposit Program. The program's deadline is March 14 at 5 p.m.

The program, which allows Ohio farmers to receive loans at reduced interest rates through their local banks or credit agencies, was designed to address economic needs equally throughout the state.

“I urge Ohio farmers to get their applications in as soon as possible,” said Cordray. “This program is one of the few ways that the state makes aid directly available to farmers, who can save up to $3,000 a year in interest-rate reductions.”

The Ag-Link program allocates $125 million of the Ohio Treasury's portfolio for the purchase of reduced-rate certificates of deposit from banks. The lenders then pass along the interest-rate reduction-up to four percent for a one-year period-to farmers who have been approved for loans.

According to the Ohio Department of Agriculture, farming is the leading industry in Ohio , employing 14 percent of the state's workforce. In 2007, 1,837 farmers received reduced-rate loans.

In order to qualify for an Agricultural Linked Deposit, farms must be for-profit with their headquarters and more than half of their operations maintained in Ohio . Additionally, the farm must have a documented need for the reduced interest rate and may request the reduction for up to the first $100,000 of a loan.

To apply, the farm must first be approved for an operating loan or line of credit from its Farm Credit System lender or a participating bank. After approval, the farm may apply for an interest-rate reduction from the Ohio Treasury. The Treasury does not restrict how the farmer spends the loan funds, but priority for the rate reduction will be given to farmers using the funds for feed, seed, fertilizer and fuel.

The deadline for applications is Friday, March 14, 2008 at 5:00 P.M. Applications submitted via U.S. Mail must be postmarked by March 14. Faxed applications are not accepted due to the high demand for the program.

Written notification of the status of each application will be mailed no later than April 7, 2008. The Treasurer will announce the amount of money invested in each county in early April. Funding will be available as early as April 9, 2008 to assist with spring planting.

Applications and a list of participating lenders are available on the Ohio Treasury Web site at www.ohiotreasurer.gov.