KADB Provides Additional Investment for Capital Access Loan ProgramsPosted on Oct 26, 2017
The Kentucky Agricultural Development Board (KADB) approved $5,000,000 for the Kentucky Agricultural Finance Corporation’s (KAFC) revolving, low interest loan programs.
“The loan programs offered through KAFC are essential in establishing and sustaining viable agricultural production and processing operations across the state. The KADB’s investments ensure the Master Settlement Agreement funds will help Kentucky farmers for years to come,” stated Governor’s Office of Agricultural Policy Executive Director, Warren Beeler.
The KAFC was created to stimulate agricultural enterprises and promote new agricultural ventures by facilitating access to adequate and reasonable capital, not readily accessible to those engaged in agricultural production and processing. Funds may be used for the purchase of livestock, equipment and land, the construction/ renovation of agricultural facilities or the investment into an ag-related operation.
The participation loan structure provides Kentucky lenders a resource to close the financial gap on agricultural projects. KAFC has partnered with more than 60 lending institutions and 200 loan officers to impact 81 Kentucky counties.
KAFC assets exceed $70 million, with 63 percent of the loan portfolio comprised of beginning farmer loan commitments ($41.2 million), which continue 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 revolving loan pool.
For more information about financing options available through KAFC, contact Beth Mobley, director of loan programs, at (502) 782-1764 or visit the KAFC webpage at kafc.ky.gov.