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Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (Sept. 28, 2009) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, approved $534,188 in agricultural loans for projects across the Commonwealth during their September 25 Board Meeting in Frankfort, Ky.
Applicants from the following counties were approved for either an Agricultural Infrastructure Loan (AILP), a Beginning Farmer Loan (BFLP) or a Large/Food Animal Veterinary Loan (LAVLP).
Graves County (AILP)
Hardin County (BFLP)
Monroe County (AILP)
Morgan County (LAVLP-2)
Ohio County (AILP)
Warren County (AILP)
Washington County (BFLP)
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.
The Beginning Farmer Loan Program is designed to assist individuals with some farming experience who desire to develop, expand or buy into a farming operation. Beginning farmers may qualify for financing to purchase livestock, equipment, agriculture facilities, to secure permanent working capital and to make a down payment on real estate or invest in a partnership or LLC. KAFC participates with a local lender to provide financing.
The Large/Food Animal Veterinary Loan Program is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip or buy into a practice serving large animal producers, as well as other smaller food animals. KAFC participates with a local lender to provide financing.
For more information on the programs offered by the Kentucky Agricultural Finance Corporation, 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 306 projects and committed over $36.2 million.
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