Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (May 9, 2014) - The Kentucky Agricultural Finance Corporation (KAFC) today approved $1,814,323 in 15 agricultural loans for projects in the Commonwealth during its regular monthly business meeting.
Agricultural Infrastructure Loan Program (AILP)
Through AILP, KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Seven Agricultural Infrastructure loans were approved for $362,730 and included recipients from Breckinridge, Calloway (3), Madison, McLean and Warren counties.
Agricultural Processing Loan Program (APLP)
APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. KAFC will provide and/or participate in loans in Kentucky that add value to Kentucky grown agricultural commodities through further processing. These loans may cover construction of a new facility and renovation/expansion of an existing facility. One Agricultural Processing loan was approved for $150,000 for a recipient in Meade County.
Beginning Farmer Loan Program (BFLP)
BFLP 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 $1,301,593 and included seven recipients from Clark (2), Hickman, Laurel, McLean (2) and Warren counties.
The next deadline for loan applications is Friday, May 16, 2014.
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), chaired by Kentucky's Agriculture Commissioner James Comer, provides capital access for agricultural diversification and infrastructure projects. To date, KAFC has approved 505 projects and committed more than $60 million.
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