FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved $4,825,436 for 24 agricultural loans for projects across the commonwealth at its monthly board meeting.
Beginning Farmer Loan Program (BFLP)
Nineteen Beginning Farmer agricultural loans totaling up to $4,081,650 were approved. Loan recipients were in Adair ($250,000 and $250,000), Bourbon ($250,000), Calloway ($250,000 and $250,000), Christian ($108,188), Clinton ($145,000), Cumberland ($250,000), Garrard ($118,750), Graves ($250,000), Hardin ($155,000 and $250,000), Hart ($125,000), Hopkins ($250,000), Marion ($250,000), McLean ($250,000), Ohio ($244,712), Todd ($250,000) and Wayne ($185,000) 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 agricultural 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 totaling $743,786 were approved. Loan recipients were in Casey ($250,000), Graves ($95,000, $99,735, and $250,000), and Nelson ($49,051) counties. 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 $150,000 not to exceed 50 percent of the project.
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 kafc@ky.gov.
