Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (April 9, 2012) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, recently approved $400,126 in agricultural loans for projects in the Commonwealth during their regular monthly business meeting.
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 $110,000 from a recipient in Daviess 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. One processing loan was approved totaling $54,939 for a recipient in Marion 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 $235,187 and included two recipients from Henderson and Shelby 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 395 projects and committed more than $48 million.