FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $2,420,905 for 16 agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Five Agricultural Infrastructure loans totaling up to $545,305 were approved. Loan recipients were in Clinton ($42,000), Graves ($50,000, $94,305 and $109,000), and Wayne ($250,000) 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 improve 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)
Ten Beginning Farmer loans totaling up to $1,750,600 were approved. Loan recipients were in Graves ($200,000), Grayson ($250,000), Hart ($182,500), Hopkins ($250,000), Metcalfe ($85,000), Nicholas ($54,625), Taylor ($28,475 and $200,000), and Webster ($250,000 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; to purchase farm real estate, or to invest in a partnership or LLC.
Large/Food Animal Veterinary Loan Program (LFAVLP)
A Large/Food Animal Veterinary loan totaling $125,000 was approved for a recipient in Todd 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.