Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
LOUISVILLE, Ky. (March 2, 2012) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, today approved $2,013,750 in agricultural loans for projects in the Commonwealth during their regular monthly business meeting at the Louisville Exposition Center.
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. One Agricultural Infrastructure loan was approved for a total of $65,000 from a recipient in Graves County.
The Agricultural Processing Loan Program is designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. Loans through this program are made to projects in Kentucky that add value to Kentucky grown agricultural commodities through further processing. Owensboro Grain Company LLC was approved for a $1.5 million processing loan to construct a refinery for glycerin - a by-product of biodiesel processing - in Daviess County.
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 or agriculture facilities; to secure permanent working capital; for the purchase of farm real estate; or to invest in a partnership or LLC. Beginning Farmer loans totaled $448,750 and included three recipients from Daviess, Graves and Hickman counties.
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.
Gov. Steve Beshear and the Kentucky Legislature continue their commitment to the agricultural diversification efforts being made across the Commonwealth. The Kentucky Agricultural Finance Corporation (KAFC) provides capital access for agricultural diversification and infrastructure projects. To date, KAFC has approved 390 projects and committed more than $46 million.
The Kentucky Agricultural Finance Corporation is supported in part by the Kentucky Agricultural Development Fund.