FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved $1,335,854 in 12 agricultural loans for projects in the Commonwealth at its board meeting today.
Three Agricultural Infrastructure loans were approved totaling $300,000 for a recipients in Graves ($100,000), Madison ($100,000) and Nelson ($100,000) counties. 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 may be eligible for up to $150,000 not to exceed 50% of the project.
Eight Beginning Farmer loans were approved totaling $916,250 for recipients in Daviess ($250,000), Grant ($51,000), LaRue ($148,500), Marion ($50,000), McLean ($50,000), Metcalfe ($42,500), Simpson ($74,250) and Webster ($250,000) 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.
One New Agricultural Enterprise Loan Program was approved for an additional $119,604 for a recipient in McLean ($119,604) County. NAEL was designed for farming operations as they enter into a new agriculture enterprise to supply market opportunity created by an agribusiness expansion in Kentucky.