FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved $2,071,001 in 14 agricultural loans for projects in the commonwealth at its board meeting Friday.
Agricultural Infrastructure Loan Program (AILP)
One Agricultural Infrastructure loan was approved totaling $45,000 for recipients in Daviess 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 may be eligible for up to $150,000 not to exceed 50 percent of the project.
Agricultural Processing Loan Program (APLP)
One Agricultural Processing loan was approved totaling $150,000 for recipients in Barren County. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. KAFC will provide and/or participate in loans in Kentucky that add value to Kentucky grown agricultural commodities through further processing. These loans may cover construction of a new facility and renovation/expansion of an existing facility.
Beginning Farmer Loan Program (BFLP)
Twelve Beginning Farmer loans were approved totaling $1,876,001 for recipients in Allen ($92,500), Carlisle ($250,000), Graves ($500,000), Green ($122,400), Harrison ($154,375), Hopkins ($90,976), Marshall ($109,500), Metcalfe ($200,000), Pendleton ($63,750), Scott ($142,500) and Woodford ($150,000) 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.
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.
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