FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved $606,670 in five agricultural loans for projects in the Commonwealth at its board meeting today.
Agricultural Infrastructure Loan Program (AILP)
One Agricultural Infrastructure loan was approved totaling $150,000 for recipients in Barren 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.
Beginning Farmer Loan Program (BFLP)
Three Beginning Farmer loans were approved totaling $456,430 for recipients in Boyle ($45,430), Graves ($250,000) and McLean ($161,000) 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.
Diversification through Entrepreneurship in Agribusiness Loan Program (DEAL)
One Diversification through Entrepreneurship in Agribusiness loan was approved for an additional $240 for a recipient in Wayne County. The DEAL loan program was designed to assist individuals who are attempting to diversify their farming operations through non-traditional agricultural production or services. Beginning agri-entrepreneurs may qualify for financing (up to $100,000) for equipment purchases, facilities, permanent working capital, real estate, investment into an existing agribusiness or other investments at the discretion of the KAFC board.
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.