Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved in Three Counties
FRANKFORT, Ky. (Feb. 3, 2012) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, today approved $256,000 in agricultural loans for projects in the Commonwealth during its regular monthly business meeting.
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. One processing loan totaled $150,000 for a recipient in Barren County.
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. Two beginning farmer loans totaled $106,000 for recipients in Daviess and Henderson counties.
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) provides capital access for agricultural diversification and infrastructure projects. To date, KAFC has approved 382 projects and committed more than $43 million.