FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corporation (KAFC) approved $3,177,750 for 18 agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Four Agricultural Infrastructure loans totaling $875,000 were approved. Loan recipients were in Graves ($250,000), Hardin ($250,000), Metcalfe ($250,000), and Ohio ($125,000) 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 exceeding 50 percent of the project.
Agricultural Processing Loan Program (APLP)
Two Agricultural Processing loans totaling $287,500 were approved. Loan recipients were in Bath ($187,500) and Russell ($100,000) counties. 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)
Twelve Beginning Farmer loans totaling $2,015,250 were approved. Loan recipients were in Allen ($112,500), Anderson ($63,500), Bourbon ($175,000), Butler ($250,000), Garrard ($125,000), Graves ($250,000), Hardin ($52,000), Madison ($190,000), Mercer ($175,000), Pulaski ($148,750), and Shelby ($223,500 and $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, purchase farm real estate or invest in a partnership or LLC.
For more information on the KAFC programs, contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].