Public funds access now open, what you need to know
Published by: Kim Connor
January 23, 2020 | Government Affairs
Due to your grassroots support, the League successfully lobbied the General Assembly to change Ohio law so you can hold public funds for the purpose of offering two linked deposit programs, Ag-LINK and Business-Link, administered by the Ohio Treasurer’s Office. Participating in both programs will allow you to leverage state dollars to offer either agricultural businesses or general small business partners a lower rate of interest on new or existing loans.
You can now access these programs by becoming an approved depository for public funds. Below, you will see both enrollment directions and timeline leading up to loan approval.
- Download and fill out the 2020-2022 depository application form and submit to the Treasurer’s Office. There is no cost to submit nor retain eligibility.
- The Treasurer’s Office will review depository applications beginning in mid-February. While there is no deadline to apply for the 2020-2022 biennium, financial institutions are encouraged to submit their applications early.
- Applications in good order will be considered for approval by the State Board of Deposit, which meets on Monday, March 16, with another meeting expected to be scheduled in May or June.
- Credit unions approved by the State Board of Deposit are eligible to participate in Ag-LINK and Business-Link in the new biennium which commences Monday, July 1. Please note that Ag-LINK is a calendar-year program that runs in January and February. A second enrollment period may be made available at the discretion of the Ohio Treasurer.
For questions on the depository application process, contact Director of Legislative and Political Affairs Cory Fleming.
CONTACT US
E: cfleming@ohiocul.org
T: (614) 923-9705
C: (614) 395-0371
