Governor's Office of Agricultural Policy
Kentucky Agricultural Finance Corporation Approves More Than $1 Million in Loans
LEXINGTON, Ky. (May 11, 2012) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, today approved $1,069,504 in agricultural loans for projects in the Commonwealth during its regular monthly business meeting held at Locust Trace AgriScience Farm.
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. Three Agricultural Infrastructure loans were approved for a total of $305,438 and included recipients from Carlisle, Graves and Hickman counties.
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 farm real estate; or to invest in a partnership or LLC. Beginning Farmer loans totaled $764,066 and included four recipients from Boyle, Garrard, Hardin and Henderson 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 393 projects and committed more than $46 million.
Locust Trace AgriScience Farm, which opened August 2011, is the newest career and technical high school in Lexington, Ky. with energy and environment being key factors in the facility design and agriculture being the educational focus. Locust Trace features classrooms with adjoining labs, 6.5 acres for gardening, a state-of-the-art greenhouse with an aquaculture area for raising native fish, facilities for livestock and equine, as well as an on-site veterinary clinic.
The school is designed to be net-zero in energy through the use of photovoltaic solar panels and net-zero in waste disposal through the utilization of constructed wetlands. Currently, the maximum number of students is approximately 250. For more information, visit http://www.techcenters.fcps.net/locusttrace/.
The Kentucky Agricultural Finance Coporation is supported in part by the Kentucky Agricultural Development Fund.