Financing bolsters beef, forage, poultry, and grain farmers across the commonwealth

FRANKFORT (Nov. 17, 2023) - The Kentucky Agricultural Finance Corp. (KAFC) approved $1,831,455 for 10 agricultural loans for projects across the commonwealth at its monthly board meeting.

Agricultural Infrastructure Loan Program (AILP)
Six Agricultural Infrastructure loans totaling up to $1,431,150 were approved. Loan recipients were in Graves ($200,000, $250,000, $250,000, $250,000 and $250,000) and Shelby ($231,150) 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 up to $400,305 were approved. Loan recipients were in Daviess ($162,500), Madison ($111,625), Meade ($13,000), and Shelby ($113,180) 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.

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.