Kentucky Agricultural Finance Corporation approves $1.7 million in loans
Aid bolsters farm market, beef, poultry, beginning farmers across the commonwealth
FRANKFORT (Sept. 10, 2021) –
The Kentucky Agricultural Finance Corporation (KAFC) approved $1,775,290 in 11 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $91,000 was approved for an operation in Anderson County. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing. Agricultural processors may qualify for financing for acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50 percent of the project cost.
Beginning Farmer Loan Program (BFLP)
Beginning Farmer loans totaling $1,684,290 were approved for recipients in Anderson ($230,500), Barren ($92,500), Boyle ($250,000), Hardin ($72,500), Hart ($130,000), Henry ($135,790), Mercer ($75,000), and three in Warren ($198,000, $250,000, $250,000)counties. 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 Ali Hulett, loan programs manager, at 502-782-1760 or email firstname.lastname@example.org.