FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $3,583,856 for 23 agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Seven Agricultural Infrastructure loans totaling up to $1,009,350 were approved. Loan recipients were in Breckinridge ($250,000), Calloway ($42,750), Green ($250,000), Marion ($62,500), Ohio ($250,000), and Pulaski ($53,600 and $100,500) 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 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)
Sixteen Beginning Farmer loans totaling up to $2,574,506 were approved. Loan recipients were in Adair ($250,000), Allen ($171,756), Barren ($112,500 and $115,000), Breckinridge ($175,000), Clark ($135,000), Cumberland ($250,000), Franklin ($250,000), Graves ($250,000), Grayson ($125,000), Laurel ($119,000 and $200,000), Madison ($86,250), McLean ($75,000 and $100,000), and Todd ($160,000) 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.
