State approves more than $600,000 in agricultural loans

Next deadline for loans is Jan. 23

FRANKFORT, Ky. (Jan. 9, 2015) — The Kentucky Agricultural Finance Corporation (KAFC) today approved $686,392 in six agricultural loans for projects in the commonwealth.

Beginning Farmer loans totaled $358,082 and included two recipients, from Hickman and Washington counties. The Beginning Farmer Loan Program 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.

Four Agricultural Infrastructure loans were approved for $328,310 and included recipients from Carlisle, Mercer, Taylor and Woodford counties. Through the Agricultural Infrastructure Loan Program KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects. Eligible projects include permanent farm structures and permanently attached equipment that enhance the profitability of the farming operation.

The next deadline for loan applications is Jan. 23.

For more information on available programs contact Bill McCloskey, director of financial services, at 502-564-4627.