FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $2,240,075 for 12 agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Two Agricultural Infrastructure loans totaling up to $500,000 were approved. Loan recipients were in the counties of Graves ($250,000) and Marshall ($250,000). 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.
Beginning Farmer Loan Program (BFLP)
Nine Beginning Farmer loans totaling up to $1,590,075 were approved. Loan recipients were in Anderson ($224,400), Hardin ($250,000), Marion ($106,875 and $145,050), Metcalfe ($74,250), Monroe ($61,500 and $250,000), Todd ($250,000), and Washington ($228,000) 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, secure permanent working capital, purchase farm real estate, or invest in a partnership or LLC.
Diversification through Entrepreneurship in Agribusiness Program (DEALP)
A Diversification through Entrepreneurship in Agribusiness loan totaling $150,000 was approved for a recipient in Daviess 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.
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].
