The Kentucky Agricultural Finance Corp. approved 13 agricultural loans totaling $2,418,789 for projects across the Commonwealth at its monthly board meeting on April 10.
According to the announcement, two Agricultural Infrastructure loans totaling up to $340,000 were approved for recipients in Boyle and Christian counties. The program supports producers making capital expenditures for permanent farm structures and equipment that improve farming profitability. Eligible producers may receive up to $250,000 not exceeding 50 percent of the project cost.
Eight Beginning Farmer loans amounting to $1,716,289 were also approved for recipients in Clark, Clinton, Harrison, McCreary, McLean, Washington, Wayne and Woodford counties. The Beginning Farmer Loan Program is designed to assist individuals with some farming experience who wish to develop or expand their operations by providing financing options such as purchasing livestock or equipment and investing in partnerships or real estate.
Additional approvals included one Diversification through Entrepreneurship in Agribusiness loan of $192,224 for a recipient in Union County and one Horticulture Incentives Loan Program loan of $250,000 for a recipient in Calloway County. One Large/Food Animal Veterinary Loan Program loan totaling $112,500 was also approved for a recipient in Casey County.
The Kentucky Department of Agriculture operates as a state agency within Kentucky’s executive branch and provides resources and programs across all counties in Kentucky according to the official website. The department uses facilities in Frankfort for administrative functions and obtains funding through grants for county fairs and agricultural projects. It aims to enhance Kentucky’s agricultural economy through strategic partnerships and planning while celebrating agricultural education during designated months as reported by the official website.
For more information on KAFC participation loans or related programs offered by the department throughout Kentucky’s counties, interested parties are encouraged to contact their lender or Bill McCloskey at the Kentucky Office of Agricultural Policy. Further details can be found at the organization’s press release.
