FRANKFORT (Sept 13, 2024) – The Kentucky Agricultural Finance Corp. (KAFC) approved 16 agricultural loans totaling $2,700,098 for projects across the Commonwealth today at its monthly board meeting.

Agricultural Infrastructure Loan Program (AILP)

Five Agricultural Infrastructure Loans totaling up to $931,500 were approved. Loan recipients were in Allen ($250,000), Butler ($250,000), Hardin ($56,500), Logan ($125,000), and Wayne ($250,000) 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 $250,000 not to exceed 50 percent of the project.

Beginning Farmer Loan Program (BFLP)

Ten Beginning Farmer Loans totaling up to $1,768,598 were approved. Loan recipients were in Adair ($174,924, $141,312, and $250,000), Crittenden ($215,000), Daviess ($250,000), Hart ($168,750), Ohio ($250,000), Owen ($158,437), Taylor ($30,175), and Whitley ($130,000) 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.

Diversification through Entrepreneurship in Agribusiness Loan Program (DEALP)

One Diversification through Entrepreneurship in Agribusiness Loan totaling $250,000 was approved. The loan recipients was in Madison County.

DEALP is designed to assist agri-entrepreneurs with the purchase, establishment, or expansion of a business that sells agricultural products or services to farmers or consumers.

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.

The Kentucky Office of Agricultural Policy (KOAP), a division within the Kentucky Department of Agriculture, provides staff support to the Kentucky Agricultural Finance Corporation (KAFC) and the Kentucky Agricultural Development Fund (KADF). The KADF is administered by the Kentucky Agricultural Development Board. KOAP ensures Kentucky is being good stewards of dollars from the 1998 Tobacco Settlement Agreement by overseeing the boards’ investments into diversifying and supporting Kentucky agriculture.