Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (March 5, 2010) - The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, today approved $485,000 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. Three Agricultural Infrastructure loans were approved for $235,000 and included recipients from Christian, Henderson and Madison counties.
The Agricultural Processing Loan Program 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. An Agricultural Processing loan was approved for $250,000 for a recipient in Garrard County.
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.
In 2002, the Kentucky Agricultural Development Board, as part of the Long-term Plan for Agricultural Development, recommended that the KAFC originally established in 1984, be restructured to provide capital access for agricultural diversification and infrastructure projects. KAFC was moved to the Governor’s Office of Agricultural Policy from the Kentucky Department of Agriculture in 2004. To date, KAFC has approved 325 projects and committed more than $38.9 million.