FRANKFORT, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $2,231,075 for ten agricultural loans for projects across the commonwealth at its monthly board meeting.
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 finance 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.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $250,000 was approved for an operation in Jefferson 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 the acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50 percent of the project cost.
Beginning Farmer Loan Program (BFLP)
Eight Beginning Farmer loans totaling $1,731,075 were approved. Loan recipients were in Anderson ($246,250), Garrard ($250,000), Graves ($250,000), Hart ($225,000), Madison ($200,000), Marion ($250,000), Owen ($94,000), and Washington ($215,825) 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; to purchase farm real estate; or to invest in a partnership or LLC.
Click here for more Kentucky business news.
