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Agricultural Finance Loans Approved

Friday, 06 07, 2013

Sandra Gardner
(502) 564-4627
(502) 330-2105
sandra.gardner@ky.gov

FRANKFORT, Ky. (June 7, 2013) - The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, today approved $773,000 in agricultural loans for projects in the Commonwealth during its 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.  One Agricultural Infrastructure loan was approved for a total of $42,500 for a recipient in Monroe 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 the purchase farm real estate; or to invest in a partnership or LLC.  Beginning Farmer loans totaled $730,500 and included four recipients from Bourbon (2), Daviess and Graves counties.

The next deadline for loan applications is Friday, June 28.

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.

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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 442 projects and committed nearly $55 million.