FRANKFORT, Ky. (April 12, 2012) — More than $400,000 in agricultural loans for projects in the state were approved during the monthly business meeting of the Kentucky Agricultural Finance Corporation (KAFC).
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 $110,000 from a recipient in Daviess County.
The Agricultural Processing Loan Program is designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. Loans through this program are made to projects in Kentucky that add value to Kentucky grown agricultural commodities through further processing. One processing loan was approved totaling $54,939 for a recipient in Marion 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 of farm real estate; or to invest in a partnership or LLC. Beginning Farmer loans totaled $235,187 and included two recipients from Henderson and Shelby counties.
For more information on the programs offered by the KAFC, contact Bill McCloskey, director of financial services, at 1-502-564-4627 or visit kafc.ky.gov.