Monday, May 10, 2004

The Mountain Association for Community Economic Development has set aside funds for a new agricultural lending program. The organization mainly helps the eastern Kentucky area, but Edmonson, Butler and Warren counties are also eligible for the program, said Justin Maxson, president of the organization. MACED works to improve local economies by strengthening small businesses, Maxson said. We see agriculture as a key way to do that, he said. The funds may be used for working capital for new or existing diversification projects, lines of credit for financing existing food-related retail or wholesale businesses, new equipment purchases for diversification or value-adding projects, on-farm renewable energy projects and matching funds for Agricultural Development Fund Grant programs. Loans can be from $1,000 to $300,000 per borrower at competitive interest rates for terms up to 10 years. The program is flexible, Maxson said. We obviously arent a bank, he said. Some projects that a bank may not offer a loan for, MACED might. Our primary goal is not to make money, Maxson said. Our primary goal is to help create strong local farms. Farmers arent the only ones eligible for the program. Processing operations, retailers and distributors can also apply as long as the project would strengthen local farms, Maxson said. Over the last week, MACED received several inquiries from small farmers, a winery and the Kentucky Blueberry Association, Maxson said. For more information about the programs or to request a loan application, contact Jonathan Harrison, business development director, (859) 986-2373, jharrison@maced.org or visit the organizations Web site at www.maced.org. Daily News ·813 College St. ·PO Box 90012 ·Bowling Green, KY ·42102 ·270-781-1700