FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $1,831,455 for ten agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Six Agricultural Infrastructure loans totaling up to $1,431,150 were approved. Loan recipients were in Graves ($200,000, $250,000, $250,000, $250,000 and $250,000) and Shelby ($231,150) 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)
Four Beginning Farmer loans totaling up to $400,305 were approved. Loan recipients were in Daviess ($162,500), Madison ($111,625), Meade ($13,000), and Shelby ($113,180) 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.
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].