State resources available to help member businesses
Published by: Emily Leite
April 16, 2020 | Government Affairs
Credit unions across Ohio are taking the lead in helping small businesses who need immediate assistance due to COVID-19. Once the state of emergency is eased or lifted, businesses will still need low-cost capital. Credit unions can help provide that by offering two linked deposit programs, Ag-LINK and Business-Link, administered by the Ohio Treasurer’s Office. Both programs give credit unions the ability to hold state funds at below market rate and pass the savings onto the member business through lower rates or new loan terms. You can now access these programs by becoming an approved depository for public funds through the following process:
- 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.
- Applications in good order will be considered for approval by the State Board of Deposit, which is expected to meet again in mid-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.
Please contact League Director of Legislative and Political Affairs Cory Fleming with any questions or for clarification on the application process.
T: (614) 923-9705
C: (614) 395-0371