Eight loans approved
FRANKFORT, Ky. (Aug. 7, 2015) — The Kentucky Agricultural Finance Corp. (KAFC) approved $1,349,450 in eight agricultural loans for projects in the commonwealth at its board meeting today.
Beginning Farmer Loan Program (BFLP)
Beginning Farmer loans totaled $1,261,200 to six recipients, including the following counties: Christian, Daviess, Edmonson, Green, McCreary and Woodford. 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.
Agricultural Infrastructure Loan Program (AILP)
One Agricultural Infrastructure loan was approved for $50,000 for a recipient in Webster County for the purchase and installation of a grain bin and construction of overhead storage. Through AILP, 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.
Agricultural Processing Loan Program (APLP)
One Agricultural Processing Loan was approved for $38,250 for a recipient in Garrard County for the purchase of a livestock processing facility. 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.