FRANKFORT, Ky. — Kentucky Agricultural Finance Corporation (KAFC) approved $2,300,100 for 15 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Five Agricultural Infrastructure loans totaling $674,250 were approved. Loan recipients were in Caldwell ($250,000), Green ($27,750), Metcalfe ($250,000), Nelson ($65,000), and Simpson ($81,500) counties. KAFC participates with lenders to finance producers’ 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 $150,000 was approved for a recipient in Logan 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 $1,115,850 were approved. Loan recipients were in Anderson ($110,000 and $200,000), Breckinridge ($50,000), Clinton ($148,750), Fleming ($250,000), Shelby ($107,100), and Wayne ($250,000) counties. The BFLP is designed to assist individuals with farming experience who want 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.
Diversification through Entrepreneurship in Agribusiness Program (DEALP)
A Diversification through Entrepreneurship in Agribusiness loan totaling $110,000 was approved for a recipient in Casey County. DEALP is designed to assist agri-entrepreneurs with the purchase, establishment or expansion of a business that sells agricultural products or services to farmers or consumers.
Large/Food Animal Veterinary Loan Program (LFAVLP)
The LFAVLP Loan totaling $250,000 was approved for a recipient in Hart County. LFVALP is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip, or buy into a practice serving large animal producers, including goat, sheep, swine, and other smaller food animals.
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].
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