Kentucky Agricultural Finance Corporation approves $2,056,000 in loans

FRANKFORT, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $2,056,000 for 10 agricultural loans for projects across the commonwealth at its monthly board meeting.

Agricultural Infrastructure Loan Program (AILP)

An Agricultural Infrastructure loan totaling $50,000 was approved for a recipient in Nelson County. KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers may be eligible for up to $250,000 not to exceed 50 percent of the project.

Beginning Farmer Loan Program (BFLP)

Nine Beginning Farmer loans totaling $2,006,000 were approved. Loan recipients were in Barren ($126,000), Bourbon ($250,000), two in Graves ($250,000, $250,000), Hardin ($130,000), two in McLean ($250,000, $250,000), Shelby ($250,000), and Webster ($250,000) counties. The 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.

For more information on the programs offered by the KAFC, contact Bill McCloskey at Kentucky Office of Agricultural Policy at (502) 382-6093 or email [email protected].

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