At its monthly board meeting, the Kentucky Agricultural Finance Corporation (KAFC) approved $3,177,750 for 18 agricultural loans for projects across the Commonwealth.
Agricultural Infrastructure Loan Program (AILP)
Four Agricultural Infrastructure loans totaling $875,000 were approved. Loan recipients were in Graves ($250,000), Hardin ($250,000), Metcalfe ($250,000), and Ohio ($125,000) counties. KAFC participates with lenders to finance producers’ capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers may be eligible for up to $250,000, not exceeding 50 percent of the project.
Agricultural Processing Loan Program (APLP)
Two Agricultural Processing loans totaling $287,500 were approved. Loan recipients were in Bath ($187,500) and Russell ($100,000) counties. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing. Agricultural processors may qualify for financing for the acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50 percent of the project cost.
Source: lanereport.com
Photo Credit: KAFC
Categories: Kentucky, Business