By Blake Jackson
The Kentucky Agricultural Finance Corporation (KAFC) approved 14 loans totaling $2,909,442.50 for agricultural projects across Kentucky during its recent board meeting.
Agricultural Infrastructure Loan Program (AILP)
Four loans, amounting to $880,442.50, were approved under the AILP. These loans were awarded to counties including Adair ($250,000), Anderson ($130,442.50), Daviess ($250,000), and Hickman ($250,000).
The AILP provides financing for producers investing in capital projects that enhance farm profitability. Eligible projects include permanent farm structures with attached equipment. Farmers may qualify for loans up to $250,000, covering 50% of project costs.
Beginning Farmer Loan Program (BFLP)
Ten loans totaling $2,029,000 were approved under the BFLP. The recipients, located in counties such as Adair ($250,000), Breckenridge ($70,000), and Wayne ($233,750), will use the funds to expand or acquire agricultural operations.
The BFLP supports individuals with some farming experience who wish to purchase livestock, equipment, or facilities, secure working capital, buy real estate, or invest in partnerships.
For more information on these programs, contact 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