Kentucky Agricultural Finance Corp. approves more than $1.6 Million
FRANKFORT, Ky. (Sept. 9, 2016) — The Kentucky Agricultural Finance Corp. (KAFC) approved $1,640,154 in 12 agricultural loans for projects in the Commonwealth at its board meeting today.
Beginning Farmer Loan Program (BFLP)
Beginning Farmer loans totaled $1,176,651 for seven recipients in Ballard ($250,000), Christian ($26,925), Garrard ($232,400), Graves ($250,000), McLean ($250,000), Owen ($82,326) and Washington ($85,000) counties. 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)
Five Agricultural Infrastructure loans were approved for recipients in Grayson ($100,000), Hopkins ($88,852), Laurel ($25,000), Russell ($100,000) and Wayne ($150,000) counties totaling $463,503. KAFC participates with lenders to provide financing (up to $100,000) to producers making capital expenditures for agricultural projects. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers with documented tobacco history may be eligible for up to $150,000 not to exceed 50 percent of the project.
For more information on the programs offered by the KAFC, contact either Bill McCloskey, deputy executive director, or Beth Herbert, loan programs manager, at (502) 564-4627 or visit the KAFC webpage at kafc.ky.gov.