Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
MT. OLIVET, Ky. (July 22, 2010) -The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner Richie Farmer, today approved $492,320 in agricultural loans for projects in the Commonwealth during their regular monthly business meeting at Blue Licks Battlefield State Resort Park.
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. Four Agricultural Infrastructure loans were approved for a total of $175,337 and included recipients from McLean, Pulaski and Warren 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; and to make a down payment on real estate or invest in a partnership or LLC. Beginning Farmer loans totaled $316,983 and included three recipients from Barren and McLean 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.
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 354 projects and committed more than $41.5 million.