Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
CAMPBELLSVILLE, Ky. (June 6, 2014) -The Kentucky Agricultural Finance Corporation (KAFC) today approved $1,265,907 in 12 agricultural loans for projects in the Commonwealth during its regular monthly business meeting held at the Taylor County Cooperative Extension Office.
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. Five Agricultural Infrastructure loans were approved for $281,791 and included recipients from Calloway, Carlisle, Muhlenberg and Simpson (2) 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 McLean 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 of farm real estate; or to invest in a partnership or LLC. Beginning Farmer loans totaled $834,116 and included six recipients from Bourbon, Fulton, Hancock, McLean, Washington and Webster counties.
The next deadline for loan applications is Friday, June 20, 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 530 projects and committed more than $62 million.
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