KAFC approves $3.29M in loans for Kentucky farmers

By Blake Jackson

The Kentucky Agricultural Finance Corporation (KAFC) approved a total of $3,292,760 in loans to support 17 agricultural projects across the state at their recent monthly board meeting. These loans fall under two programs designed to aid farmers at different stages of their careers.

Agricultural Infrastructure Loan Program (AILP):

• Eight AILP loans totaling $1,346,085 were approved, supporting projects in Breckinridge, Calloway, Carlisle, Daviess, Graves, and Meade counties.
• The AILP provides financing to farmers making capital investments in permanent farm structures and attached equipment that enhance their operation's profitability.
• Eligible projects can receive up to $250,000, covering a maximum of 50% of the project cost.

Beginning Farmer Loan Program (BFLP):

• Nine BFLP loans totaling $1,946,675 were approved, supporting projects in Boyle, Christian, Graves, Jessamine, Livingston, Pulaski, Russell, and Shelby counties.
• The BFLP assists aspiring farmers with some experience who want to establish, expand, or buy into an existing farm operation.
• Financing options include purchasing livestock, equipment, agricultural facilities, securing permanent working capital, buying farm real estate, and investing in partnerships or LLCs.

These programs demonstrate KAFC's commitment to supporting Kentucky's agricultural industry by providing essential financial resources to both established farmers and those starting their journeys.

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: gettyimages-stockseller_ukr