Friday, 05 10, 2013
FRANKFORT, Ky. (May 10, 2013) - The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, today approved $1,284,214 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. Four Agricultural Infrastructure loans were approved for a total of $220,214 and included recipients from Bourbon, Calloway, Graves and Monroe counties.
The Agricultural Processing Loan Program is designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. These loans may cover construction of a new facility and renovation/expansion of an existing facility. An applicant from Lyon County was approved for a $55,000 processing loan.
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 $759,000 and included four recipients: two each from Casey and McLean counties.
The New Agriculture Enterprise Loan Program (NAEL) is designed to provide loans for Kentucky farming operations as they enter into a new agriculture enterprise to take advantage of market opportunities created by an agribusiness expansion. One NAEL loan was approved for $250,000 to a recipient in Daviess 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. To date, KAFC has approved 437 projects and committed nearly $54 million.