Home » Ky Ag Finance Corp. OK’s $892,000 in loans for five projects

Ky Ag Finance Corp. OK’s $892,000 in loans for five projects

Poultry, grain, horticulture operations among September recipients
Poultry, grain, horticulture operations among September recipients.

FRANKFORT, Ky. (Sept. 11, 2020)—The Kentucky Agricultural Finance Corp. (KAFC) today approved $892,000 in five agricultural loans for projects in the commonwealth at its board meeting.

“During the COVID-19 crisis, our agriculture industry has remained resilient,” said Gov. Andy Beshear. “The loans approved by the KAFC today will continue to support our beginning farmers, agri-entrepreneurs and agri-businesses.”

Beginning Farmer Loan Program (BFLP)

Three Beginning Farmer loans totaled $607,000 for recipients in Clinton ($250,000) and McLean, 2 ($178,500/$178,500) 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.

Agricultural Processing Loan Program (APLP)

One Agricultural Processing loan totaled $200,000 for recipients in Fulton County. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing. Agricultural processors may qualify for financing for acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50% of the project cost.

Diversification through Entrepreneurship in Agribusiness Loan Program (DEAL)

One Diversification through Entrepreneurship in Agribusiness loan was approved for $85,000 for a recipient in Barren 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.

About the author

Mark Green

Editorial director of Lane Communications Group. Editor of The Lane Report. Executive editor for our family of publications and websites. Green is a Kentucky native -- born in Louisville and raised in Elizabethtown and Lebanon. He has a Journalism degree from UK, where he worked on The Kernel student newspaper. He worked for newspapers in Brentwood and Tazewell, Tenn.; Thibodaux, La.; Ocala and Lakeland, Fla.; and Houma, La. -- nearly 25 years of which was with New York Times Regional Newspaper Group. His news experience includes coverage of local government, courts, politics and business. Management and supervision experience includes the editorial page, lifestyles and the copy desk. Green returned to Kentucky to join The Lane Report and Lane Communications in 2007.

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