FRANKFORT, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $1,925,115 for 10 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Two Agricultural Infrastructure loans totaling $300,000 were approved. Loan recipients were in Hopkins ($150,000) and Webster ($150,000) 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 percent of the project.
Beginning Farmer Loan Program (BFLP)
Nine Beginning Farmer loans totaling $1,625,115 were approved. Loan recipients were in Ballard ($220,000), Daviess ($62,615), Edmonson ($147,500), two in Hopkins ($250,000 each), two in McLean ($250,000 each), and Wayne ($195,000) 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.
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