During its monthly board meeting, the Kentucky Agricultural Finance Corporation (KAFC) announced the approval of $2,300,100 in agricultural loans for 15 projects across the commonwealth. These loans, granted under various programs, aim to foster agricultural development and support farmers and agri-entrepreneurs in their endeavors.
The Agricultural Infrastructure Loan Program (AILP) received $674,250 in funding, with five loans awarded to recipients in Caldwell, Green, Metcalfe, Nelson, and Simpson counties. The AILP facilitates financing for farmers undertaking capital expenditures to improve the profitability of their operations. Eligible projects encompass permanent farm structures and associated equipment, with loan amounts of up to $250,000 or 50% of the project cost.
Under the Agricultural Processing Loan Program (APLP), an agricultural processor in Logan County was granted a loan of $150,000. This program aims to support individuals and companies in Kentucky who add value to locally grown agricultural commodities through further processing. Financing options are available for equipment acquisition, facility construction or renovation, and working capital, up to 50% of the project cost.
The Beginning Farmer Loan Program (BFLP) received $1,115,850 in total, distributed among seven loans for recipients in Anderson, Breckinridge, Clinton, Fleming, Shelby, and Wayne counties. Designed to assist individuals with farming experience, the BFLP provides financing for livestock and equipment purchases, agriculture facilities, permanent working capital, real estate acquisition, or investments in partnerships or LLCs.
The Diversification through Entrepreneurship in Agribusiness Program (DEALP) approved a loan of $110,000 for an agri-entrepreneur in Casey County. DEALP supports the establishment, expansion, or purchase of businesses that offer agricultural products or services to farmers or consumers.
Lastly, the Large/Food Animal Veterinary Loan Program (LFAVLP) granted a loan of $250,000 to an individual in Hart County. This program aids licensed veterinarians in Kentucky who seek to construct, expand, equip, or acquire practices serving large animal producers.
Farmers and agri-entrepreneurs interested in these programs can reach out to Bill McCloskey at the Kentucky Office of Agricultural Policy for more information. The KAFC's commitment to supporting diverse agricultural projects underscores its dedication to fostering growth and innovation within Kentucky's agricultural landscape.
Photo Credit: KAFC
Categories: Kentucky, Business