By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) approved 11 agricultural loans totaling $1,835,131.80 during its monthly board meeting, supporting farming and agribusiness projects in communities across Kentucky.
Two loans were approved through the Agricultural Infrastructure Loan Program (AILP), providing a combined $344,750 for projects in Hopkins and Mercer counties.
The program works with participating lenders to help farmers finance permanent structures and related equipment designed to improve the efficiency and profitability of their operations.
Eligible producers can receive up to $250,000, provided the KAFC-supported amount does not exceed half of the total project cost.
The Beginning Farmer Loan Program (BFLP) accounted for seven approvals totaling $1,072,881.80. The loans will support recipients in Bourbon, Grayson, Hardin, Mason, Todd, and Trigg counties.
The program helps farmers with experience take the next step by developing, expanding, or purchasing an interest in agricultural operations. Financing can be used for livestock, equipment, facilities, farmland, working capital, or investments in partnerships and limited liability companies.
KAFC also approved two loans through the Diversification through Entrepreneurship in Agribusiness Program (DEALP), totaling $417,500.
The projects, located in Fayette and Jessamine counties, will support businesses that provide agricultural products or services to farmers and consumers.
Farmers and agribusiness owners seeking KAFC participation loans can contact their lenders 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