FRANKFORT, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $1,895,000 for 11 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Two Agricultural Infrastructure loans totaling $282,500 were approved. Loan recipients were in Calloway ($250,000) and Scott ($32,500) 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.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $437,000 was approved for a recipient in Montgomery 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)
Seven Beginning Farmer loans totaling $1,145,500 were approved. Loan recipients were in Breckinridge ($200,000), Franklin ($175,000), Garrard ($58,500), LaRue ($172,000), Wayne ($40,000 and $250,000), and Webster ($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 Program (DEALP)
A Diversification through Entrepreneurship in Agribusiness loan totaling $30,000 was approved for a recipient in Nicholas 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.
— Kentucky Department of Agriculture