— At its monthly board meeting, the Kentucky Agricultural Finance Corporation (KAFC) approved $1,801,690 for ten agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
An Agricultural Infrastructure loan totaling $250,000 was approved for a recipient in Wayne 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 $250,000, not to exceed 50 percent of the project.
Beginning Farmer Loan Program (BFLP)
Nine Beginning Farmer loans totaling $1,551,690 were approved. Loan recipients were in Bourbon ($152,775), two in Garrard ($75,150, $250,000), Hardin ($81,250), Hart ($182,425), Monroe ($250,000), two in Scott ($130,000, $180,090), and Warren ($250,000) counties. The 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 Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].