DEC
Kentucky Agricultural Finance Corp. approves $3,292,760 in loans
Financing bolsters beef, forage, poultry, and grain farmers across the commonwealth
FRANKFORT (Dec. 8, 2023) - The Kentucky Agricultural Finance Corp. (KAFC) approved $3,292,760 for 17 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Eight Agricultural Infrastructure loans totaling up to $1,346,085 were approved. Loan recipients were in Breckinridge ($190,000), Calloway ($132,612), Carlisle ($250,000), Daviess ($85,000), Graves ($41,113, $147,360, and $250,000), and Meade ($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)
Nine Beginning Farmer loans totaling up to $1,946,675 were approved. Loan recipients were in Boyle ($131,175), Christian ($250,000), Graves ($118,000 and $250,000), Jessamine ($250,000), Livingston ($197,500), Pulaski ($250,000), Russell ($250,000), and Shelby ($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.
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.