At its monthly board meeting, the Kentucky Agricultural Finance Corporation (KAFC) approved $4,996,821 for 22 agricultural loans for projects across the Commonwealth. Agricultural Infrastructure Loan Program (AILP)
Six Agricultural Infrastructure loans totaling $1,079,507 were approved. Loan recipients were in Adair ($250,000), Breckinridge ($130,312 and $141,695), Graves ($57,500), and Ohio ($250,000 and $250,000) 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 to exceed 50 percent of the project. Agricultural Processing Loan Program (APLP)
Two Agricultural Processing loans totaling $1,500,000 were approved. Loan recipients were in the counties of Graves ($1,000,000) and Mercer ($500,000). 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 equipment acquisition, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50 percent of the project cost.
Source:lanereport.com
Categories: Kentucky, Business