Kentucky Agricultural Finance Corporation approves $1,073,328 in loans
Aid bolsters beef, forage, poultry, grain farmers across the commonwealth
FRANKFORT (Oct. 14, 2022) – The Kentucky Agricultural Finance Corporation (KAFC) approved $1,073,328 for seven agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Two Agricultural Infrastructure loans totaling $250,000 were approved. Loan recipients were in Barren ($40,000) and Clinton ($210,000) 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)
Four Beginning Farmer loans totaling $673,328 were approved. Loan recipients were in Bourbon ($187,500), Hickman ($190,000), Logan ($45,828), and Mercer ($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.
Diversification through Entrepreneurship in Agribusiness Loan Program (DEALP)
A Diversification through Entrepreneurship in Agribusiness loan totaling $150,000 was approved for a recipient in Nelson 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 firstname.lastname@example.org.