Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved in Four Counties
LOUISVILLE, Ky. (Dec. 2, 2011) - The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, today approved $1,690,000 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 a total of $190,000 and included recipients from Fleming, Hart and Hickman counties.
The Agricultural Processing Loan Program is designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. Loans through this program are made to projects in Kentucky that add value to Kentucky grown agricultural commodities through further processing. F.B. Purnell Sausage Co. Inc. was approved for a $1.5 million processing loan to expand its production facilities in Shelby 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 website 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) provides capital access for agricultural diversification and infrastructure projects. To date, KAFC has approved 382 projects and committed more than $43 million.
The Kentucky Agricultural Finance Corporation is supported in part by the Kentucky Agricultural Development Fund.