SHELBYVILLE, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $1,481,400 for seven agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
One Agricultural Infrastructure loan totaling $97,500 was approved for a recipient in Madison 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.
Beginning Farmer Loan Program (BFLP)
Six Beginning Farmer loans totaling $1,383,900 were approved. Loan recipients were in Anderson ($250,000), Bourbon ($200,000), Marshall ($250,000), Mercer ($218,500), Pulaski ($215,400), and Warren ($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 the Kentucky Office of Agricultural Policy at (502)564-4627 or email email@example.com.
— Kentucky Department of Agriculture