FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved $635,250 in four agricultural loans for projects in the commonwealth at its board meeting Monday.
Agricultural Infrastructure Loan Program (AILP)
One Agricultural Infrastructure loan totaling $96,500 was approved for a recipient in Warren County.KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers with documented tobacco history may be eligible for up to $150,000 not to exceed 50 percent of the project.
Beginning Farmer Loan Program (BFLP)
Three Beginning Farmer loans totaled $538,750 for recipients in Barren ($250,000), Mercer ($135,000) and Scott ($153,750) counties.BFLP 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 of farm real estate; or to invest in a partnership or LLC.
For more information on the programs offered by the KAFC, contact Ali Hulett, Loan Programs Manager, at (502) 782-1760 or visit the KAFC webpage at kafc.ky.gov.