By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) recently approved $4,480,399 in loans to support 23 agricultural projects across the state. This funding aims to boost both established farms and new farmers, promoting growth and development within the Kentucky agricultural sector.
Infrastructure Upgrades:
- $708,502 allocated for five projects through the Agricultural Infrastructure Loan Program (AILP).
- Loan recipients in Boyle, Daviess, Grayson, Hardin, and McLean counties.
- Program supports capital expenditures for permanent farm structures and equipment, enhancing operational profitability.
- Individual loans: up to $150,000, covering a maximum of 50% of project costs.
Supporting New Farmers:
- $3,771,897 in loans approved for 18 beginning farmers through the Beginning Farmer Loan Program (BFLP).
- Loan recipients: located in Breckinridge, Carlisle, Fulton, Grayson, Green, Hancock, Hart, Henry, Hopkins, LaRue, McLean, Nelson, Ohio, Union, and Webster counties.
- Program focus: assisting individuals with some farming experience to launch, expand, or acquire farm operations.
- Eligible uses: purchasing livestock, equipment, or agricultural facilities; securing working capital; buying farm real estate; or investing in partnerships or LLCs.
This initiative by the KAFC demonstrates its commitment to fostering a vibrant agricultural landscape in Kentucky. By providing financial support for both infrastructure improvements and new farmer ventures, the organization empowers producers and strengthens the state's agricultural industry.
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.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Government & Policy