FRANKFORT, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $1,568,500 for eight agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $450,000 was approved for an operation in Nelson 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)
Seven Beginning Farmer loans totaling $1,118,500 were approved. Loan recipients were in Bracken ($66,500), Bourbon ($250,000), Christian ($26,250), Grayson ($218,250), Henderson ($105,000), Hopkins ($250,000), and Wayne ($202,500) 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 Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].
Click here for more Kentucky business news.
