Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (Oct. 14, 2011) - The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, today approved $433,000 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. Two Agricultural Infrastructure loans were approved for a total of $83,000 and included recipients from Christian and Marion 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 farm real estate; or to invest in a partnership or LLC. One Beginning Farmer loan totaled $250,000 for a recipient from Taylor County.
The Large/Food Animal Veterinary Loan Program is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip or buy into a practice serving large animal producers, as well as other smaller food animals. KAFC participates with a local lender to provide financing (up to $100,000). A veterinary loan was approved for $100,000 for a recipient from Scott County.
For more information on the programs offered by the KAFC, contact Bill McCloskey, director of financial services, at (502) 564-4627.
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 378 projects and committed more than $41.9 million.