FRANKFORT, Ky. — At its monthly board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $2,504,875 for 14 agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Three Agricultural Infrastructure loans totaling $515,000 were approved. Loan recipients were in Breckinridge ($165,000), Warren ($250,000), and Webster ($100,000) 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 $150,000, not exceeding 50 percent of the project.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $204,500 was approved for an operation in Warren County. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing. Agricultural processors may qualify for financing for the acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50 percent of the project cost.
Beginning Farmer Loan Program (BFLP)
Ten Beginning Farmer loans totaling up to $1,785,375 were approved. Loan recipients were Christian ($104,000), Garrard ($54,000), Hart ($53,000), Hopkins ($250,000), McLean ($250,000), Taylor ($74,375), Todd ($250,000 and $250,000), Union ($250,000), and Wayne ($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 KAFC programs, contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].
