The Kentucky Agricultural Finance Corp. (KAFC) has approved nine agricultural loans totaling $1,236,010 for projects across the state. This decision was made during the organization’s monthly board meeting.
Under the Agricultural Infrastructure Loan Program (AILP), two loans amounting to $56,000 were approved for recipients in Meade County. The AILP provides financing for producers making capital expenditures on permanent farm structures with attached equipment that enhance farming operations’ profitability. Eligible producers can receive up to $250,000, not exceeding 50 percent of the project cost.
The Beginning Farmer Loan Program (BFLP) saw six loans approved, totaling $930,010. Recipients are located in Barren ($81,250), Garrard ($152,000), Grayson ($187,500), Hart ($71,250), Warren ($250,000), and Washington ($188,010) counties. The BFLP assists individuals with some farming experience who wish to develop or expand their operations. It offers financing for purchasing livestock, equipment, agriculture facilities, farm real estate or investing in partnerships or LLCs.
Additionally, a loan under the Diversification through Entrepreneurship in Agribusiness Program (DEALP) was approved for a recipient in Nelson County for up to $250,000. DEALP supports agri-entrepreneurs in purchasing or expanding businesses that sell agricultural products or services.
For more information about KAFC programs, contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.
Information from this article can be found here.
