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More than $1 million in agriculture loans approved

LEXINGTON, Ky. (May 11, 2012) — The Kentucky Agricultural Finance Corporation (KAFC), chaired by Agriculture Commissioner James R. Comer, today approved $1,069,504 in agricultural loans for state projects during its regular monthly business meeting conducted at Locust Trace AgriScience Farm.

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. Three Agricultural Infrastructure loans were approved for a total of $305,438 and included recipients from Carlisle, Graves and Hickman 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; for the purchase farm real estate; or to invest in a partnership or LLC. Beginning Farmer loans totaled $764,066 and included four recipients from Boyle, Garrard, Hardin and Henderson counties.

For more information on the programs offered by the KAFC, call Bill McCloskey, director of financial services, at 1-502-564-4627 or visit kafc.ky.gov.