Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (June 3, 2011) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, today approved $148,900 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 $48,900 and included recipients from Calloway and Taylor counties.
The Diversification through Entrepreneurship in Agribusiness Loan Program provides low-interest financing to beginning agri-entrepreneurs who are attempting to diversify their farming operations through non-traditional agricultural production or services. Financing is available through DEAL for equipment, facilities, working capital, real estate and more. A $100,000 DEAL loan was approved for a recipient in Hart 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. The Kentucky Agricultural Finance Corporation (KAFC) provides capital access for agricultural diversification and infrastructure projects through support from the Kentucky Agricultural Development Fund. To date, KAFC has approved 359 projects and committed more than $40 million.