Kentucky Agricultural Finance Corporation approves $2.7 million in loans
Aid bolsters microprocessor, beef, poultry, beginning farmers across the commonwealth
FRANKFORT (August 13, 2021) –
The Kentucky Agricultural Finance Corporation (KAFC) approved $2,700,000 in 11 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
An Agricultural Infrastructure loan totaling $100,000 was approved for a recipient in Calloway 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 $150,000 not to exceed 50 percent of the project.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $500,000 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 $1,850,000 were approved for eight recipients; three in Barren ($150,000, $250,000, and $250,000), Bourbon ($200,000), Graves ($250,000), Hart ($250,000), Hickman ($250,000), and Webster ($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.
Diversification through Entrepreneurship in Agribusiness Program (DEAL)
A Diversification through Entrepreneurship in Agribusiness loan totaling $250,000 was approved for a recipient in Bourbon County. DEAL 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 Ali Hulett, loan programs manager, at 502-782-1760 or email firstname.lastname@example.org.