FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $3,292,760 for 17 agricultural loans for projects across the commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Eight Agricultural Infrastructure loans totaling up to $1,346,085 were approved. Loan recipients were in Breckinridge ($190,000), Calloway ($132,612), Carlisle ($250,000), Daviess ($85,000), Graves ($41,113, $147,360, and $250,000), and Meade ($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)
Nine Beginning Farmer loans totaling up to $1,946,675 were approved. Loan recipients were in Boyle ($131,175), Christian ($250,000), Graves ($118,000 and $250,000), Jessamine ($250,000), Livingston ($197,500), Pulaski ($250,000), Russell ($250,000), and Shelby ($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 programs the KAFC offers, contact Bill McCloskey at Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].
