The Kentucky Agricultural Finance Corporation (KAFC) approved $2.4 million in loans for 16 agricultural projects across the state at its monthly board meeting.
The loans included five Agricultural Infrastructure Loan Program (AILP) loans totaling $545,305. These loans were for permanent farm structures with attached equipment that improve the profitability of farming operations. The recipients were in Clinton, Graves, and Wayne counties.
Ten Beginning Farmer Loan Program (BFLP) loans totaling $1.75 million were also approved. These loans are designed to assist individuals with some farming experience who desire to develop, expand, or buy into a farming operation. The recipients were in Graves, Grayson, Hart, Hopkins, Metcalfe, Nicholas, Taylor, and Webster counties.
Finally, a Large/Food Animal Veterinary Loan Program (LFAVLP) loan totaling $125,000 was approved for a recipient in Todd County. This loan is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip, or buy into a practice serving large animal producers.
The KAFC is a state agency that provides financing to agricultural producers and businesses. The loans approved at this meeting will help to support Kentucky's agricultural economy and create jobs.
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-d-keine
Categories: Kentucky, Business