The Governor’s Office of Agricultural Policy Agricultural and the Kentucky Agricultural Development Board will hold a check presentation for Lake Cumberland Milling, LLC at on Friday, May 13 at facility in Monticello, Kentucky.
LakeCumberland Milling, LLC received $1,165,000 as a forgivable loan to renovate Wayne County Feeds & Supply, to include a soybean extrusion mill. Agricultural Development Funds invested in this project include $20,000 in WayneCounty, $20,000 in PulaskiCounty, $20,000 in RussellCounty, $5,000 in ClintonCounty and $1,100,000 in state funds.
“Kentucky’s hard-working farmers depend on grants like this to bring economic development opportunities to the counties in which they live,” said Governor Ernie Fletcher. “By helping farmers find ways to diversify their production, we can help to ensure that Kentucky’s farmers are prosperous today and for generations to come.”
Lake Cumberland Milling’s proposed soybean extrusion mill will create a market for 250,000 bushels of soybeans for area farmers. Additionally, the availability of soybean meal in the area will save local livestock producers the transportation costs currently assessed on purchased feed.
The Kentucky Legislature continues to make great strides towards lessening Kentucky’s dependence on tobacco production while revitalizing the farm economy by investing 50% of Kentucky's Master Settlement Agreement into the Kentucky Agricultural Development Fund.Since the inception of the program in January 2001, the Agricultural Development Board has approved over 1,900 proposals committing over $170 million to an array of county, regional, and state projects designed to increase net farm income and create sustainable new farm-based business enterprises.
For more information about Lake Cumberland Milling contact Henry Stringer at (606) 348-8134. To learn more about grant and loan programs available in your area contact the Governor’s Office of Agricultural Policy at (502) 564-4627.
DIRECTIONS to LakeCumberland Milling, LLC from Somerset in Hwy 90:
Take a left at the first stoplight in Monticello onto Old Hwy 90 (also 1275).
Go about 1/10 of a mile and turn left at the Ken Gas office.