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Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (May 7, 2010) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, today approved $302,500 in agricultural loans for projects in the Commonwealth during their regular monthly business meeting.
Five Agricultural Infrastructure loans were approved and included recipients from Daviess, McLean, Ohio, Union and Washington counties.
KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the Agricultural Infrastructure Loan Program. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations.
For more information on the programs offered by the KAFC, contact Bill McCloskey, director of financial services, at (502) 564-4627 or visit the KAFC Webpage at kafc.ky.gov.
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Gov. Steve Beshear and the Kentucky Legislature continue their commitment to the agricultural diversification efforts being made across the Commonwealth.
In 2002, the Kentucky Agricultural Development Board, as part of the Long-term Plan for Agricultural Development, recommended that the KAFC originally established in 1984, be restructured to provide capital access for agricultural diversification and infrastructure projects. KAFC was moved to the Governor’s Office of Agricultural Policy from the Kentucky Department of Agriculture in 2004. To date, KAFC has approved 332 projects and committed more than $39.2 million.
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