FRANKFORT, Ky. (July 25, 2016) – The Kentucky Agricultural Development Board recently approved $5,000,000 for the Kentucky Agricultural Finance Corp.’s low-interest, revolving loan programs, which assists new farmers and others in agribusiness.
“The addition of $5 million to the Kentucky Agricultural Finance Corporation from the Kentucky Agricultural Development Fund ensures that the funds received from the Master Settlement Agreement will continue to help farmers for years to come,” stated Governor’s Office of Agricultural Policy Executive Director, Warren Beeler.
The KAFC provides financial assistance to individuals and businesses interested in participating or expanding their agricultural production or processing operations, whether that is providing capital for equipment, land, construction/renovation of facilities or buying into an operation.
The demand for KAFC participation in agricultural projects has continued to increase, since its revitalization in 2004. KAFC assets exceed $55 million, with nearly half of the portfolio being comprised of Beginning Farmer loans ($24.9 million), which continues to be a priority of the KAFC Board. One hundred percent of principal and interest payments received by KAFC are invested directly back into the loan pool.
For more information about financing options available through KAFC, contact Bill McCloskey, deputy executive director, or Beth Herbert, loan programs manager, at (502) 564-4627 or visit the KAFC webpage at kafc.ky.gov.