Kentucky poultry and meat producers can now apply for loans through a joint program between Lexington-based nonprofit Community Ventures and the United States Department of Agriculture.
The program will “provide financing with a 4% to 6% interest rate to new and existing agribusinesses dedicated to serving the supply chain,” according to a recent press release from Community Ventures. “The funds may be used for refinancing. The Kentucky nonprofit will provide financing to qualifying applicants until funding has been distributed.”
Financing is available for Kentucky companies engaging in “food distribution, transportation, manufacturing, processing, storage, aggregation or wholesale food supply chain activities,” the release said.
“Many Kentucky agribusinesses have struggled to rebound from COVID and extreme weather events, and we’ve worked with the USDA and other funders to create financing options to help these businesses get back on their feet or expand,” said Brenda Weaver, Community Ventures president of housing and lending. “Supporting agribusiness close to home will invigorate our local food systems, economy and create a more resilient and secure U.S. food supply chain.”
To learn more about agricultural loans with Community Ventures, email Vice President of Commercial Lending Greg Doyle at greg.doyle@cvky.org or President of Everything Equity Shirie Hawkins at shirie.hawkins@cvky.org.
