Home » Kentucky Ag Finance Corp. approves $4.5M in loans for diversification

Kentucky Ag Finance Corp. approves $4.5M in loans for diversification

18 beginning farmer loans among those OK’d

FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved $4,480,399 for 23 agricultural loans for projects across the commonwealth at its monthly board meeting.

Agricultural Infrastructure Loan Program (AILP)

Five Agricultural Infrastructure loans totaling $708,502 were approved. Loan recipients were in Boyle ($48,622), Daviess ($206,000), Grayson ($70,000), Hardin ($250,000), and McLean ($133,880) counties. KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP.

Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers may be eligible for up to $150,000 not to exceed 50% of the project.

Beginning Farmer Loan Program (BFLP)

Eighteen Beginning Farmer loans totaling up to $3,771,897 were approved. Loan recipients were in Breckinridge ($135,000), Carlisle ($250,000), Fulton ($250,000), Grayson ($125,000), Green ($250,000 and $250,000), Hancock ($136,497), Hart ($250,000), Henry ($250,000), Hopkins ($250,000), LaRue ($250,000), McLean ($192,500 and $250,000), Nelson ($32,900 and $150,000), Ohio ($250,000), Union ($250,000), and Webster ($250,000) counties.

The BFLP is designed to assist individuals with some farming experience who desire 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; for the purchase of 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 Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].

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