FOR IMMEDIATE RELEASE

Contact: Sandra Gardner
(502) 564-4627 x. 223
(502) 330-2105
agpolicy.ky.gov

 

Agricultural Finance Loans Approved
Kentucky Agricultural Finance Corporation Approves More Than $492,320 in Loans


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.

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