By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) has approved $1,236,010 in agricultural loans for nine projects across Kentucky. This funding, allocated at their recent monthly meeting, aims to support various aspects of the state's agricultural sector.
Two loans, totaling $56,000, were approved through the Agricultural Infrastructure Loan Program (AILP). These loans, distributed to recipients in Meade County, will assist with capital expenditures for farm infrastructure projects. The AILP partners with lenders to finance permanent farm structures and attached equipment, enhancing farm profitability.
Six loans, totaling $930,010, were granted through the Beginning Farmer Loan Program (BFLP). These loans will support beginning farmers in Barren, Garrard, Grayson, Hart, Warren, and Washington counties.
The BFLP assists individuals with farming experience to develop, expand, or purchase a farming operation. Funds can be used for livestock, equipment, facilities, working capital, real estate, or investments in partnerships or LLCs.
A $250,000 loan was approved through the Diversification through Entrepreneurship in Agribusiness Program (DEALP) for a recipient in Nelson County.
DEALP aims to assist agri-entrepreneurs in purchasing, establishing, or expanding businesses that provide agricultural products or services to farmers or consumers.
These loans demonstrate KAFC's commitment to supporting Kentucky's agricultural community. For further details on KAFC programs, contact 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