By Blake Jackson
At its recent board meeting, the Kentucky Agricultural Finance Corp. (KAFC) approved $2,037,953 in funding for 10 agricultural loans aimed at supporting projects throughout the Commonwealth. This significant investment reflects KAFC's commitment to fostering agricultural growth and innovation.
The funding includes eight loans under the Beginning Farmer Loan Program (BFLP), totaling up to $1,565,453.
These loans are designed to assist individuals with some farming experience who are looking to expand or establish their own farming operations.
The approved loans were distributed across several counties, with amounts varying to support different needs: Ballard County received $180,000, Calloway County was granted $250,000, Fleming County got $113,953, Graves County was awarded two loans of $250,000 each, Metcalfe County secured $250,000, Perry County was provided $47,500, and Wayne County received $224,000.
The BFLP enables beginning farmers to acquire livestock, purchase equipment or agricultural facilities, secure working capital, buy farm real estate, or invest in partnerships or LLCs.
Additionally, two loans totaling $472,500 were approved under the Diversification through Entrepreneurship in Agribusiness Program (DEALP).
These loans, aimed at fostering agribusiness innovation, were awarded to recipients in Marshall County, which received $222,500, and Pulaski County, which was granted $250,000.
DEALP supports agri-entrepreneurs in purchasing, establishing, or expanding businesses that sell agricultural products or services to both farmers and consumers.
This funding demonstrates KAFC’s ongoing support for Kentucky’s agricultural sector, helping to drive growth and diversification across the 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