By Blake Jackson
The Kentucky Agricultural Finance Corporation (KAFC) has approved 14 agricultural loans totaling $3,133,563 to support projects throughout the state, as announced during its recent monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Four loans under the AILP were approved, totaling $808,613. The recipients were located in Butler ($250,000), Calloway ($58,613 and $250,000), and Fulton ($250,000) counties.
This program partners with lenders to finance capital investments in permanent farm structures with attached equipment aimed at improving farm profitability. Eligible applicants can receive up to $250,000, covering no more than 50% of the project cost.
Beginning Farmer Loan Program (BFLP)
Nine loans, amounting to $2,074,950, were awarded under the BFLP to recipients in Anderson ($250,000), Grayson ($74,950), Hardin ($250,000), Hart ($250,000), Hickman ($250,000 and $250,000), Logan ($250,000), Todd ($250,000), and Wayne ($250,000) counties.
This initiative assists individuals with some farming experience who are seeking to start, expand, or invest in a farming operation. Funding can be used for purchasing livestock, equipment, farm real estate, agricultural facilities, working capital, or partnership/LLC investments.
Horticulture Incentives Loan Program (HILP)
One loan of $250,000 was approved for a Calloway County recipient through the HILP. This program provides working capital to horticulture producers to facilitate moving crops from the field to buyers. Eligible producers can receive up to $250,000, with a maximum of 50% of the project cost covered.
For more details on KAFC loan programs, interested parties can contact their local lender or Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Government & Policy