By Blake Jackson
At its recent monthly board meeting, the Kentucky Agricultural Finance Corporation (KAFC) approved 16 loans totaling $3,123,625 to support agricultural projects throughout the state.
Agricultural Infrastructure Loan Program (AILP)
Three loans under the AILP were approved, totaling $650,000. Recipients included projects in Laurel County ($250,000), Monroe County ($150,000), and Todd County ($250,000).
This program supports capital investments for permanent farm structures and related equipment that improve the efficiency and profitability of farming operations. KAFC partners with lenders to offer up to $250,000 per project, not exceeding 50% of total costs.
Agricultural Processing Loan Program (APLP)
One loan for $150,000 was approved in Gallatin County under the APLP. This initiative helps Kentucky-based processors add value to locally grown agricultural products through activities such as equipment purchases, facility construction or upgrades, and permanent working capital. APLP loans can fund up to half of the total project cost.
Beginning Farmer Loan Program (BFLP)
Twelve loans, totaling $2,323,625, were granted through the BFLP to support aspiring farmers in Anderson (2 loans), Bourbon, Garrard, Hart, Lincoln, Logan, Marshall, McLean, Monroe, Nelson, and Rockcastle counties.
This program provides funding for livestock, equipment, farm real estate, permanent working capital, and investments in partnerships or LLCs. It is specifically aimed at individuals with some farming experience looking to start or expand their operations.
For more information about KAFC loan opportunities, contact your lender or reach out to 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