By Blake Jackson
The Kentucky Agricultural Finance Corporation (KAFC) approved 13 agricultural loans, totaling $2,115,250, for projects across Kentucky at its recent board meeting.
Under the Agricultural Infrastructure Loan Program (AILP), five loans were approved, totaling up to $741,500. These loans were granted to recipients in Calloway ($94,500), Graves ($250,000 and $250,000), Meade ($72,000), and Washington ($75,000) counties.
The AILP helps producers with capital expenditures for agricultural projects, such as permanent farm structures and equipment that enhance farm profitability. Producers can receive up to $250,000, covering up to 50% of the project cost.
Additionally, the Beginning Farmer Loan Program (BFLP) approved eight loans, amounting to $1,373,750. Loan recipients were in Barren ($250,000), Gallatin ($150,000), Grayson ($250,000 and $250,000), Hart ($85,000), Madison ($162,500), Trigg ($120,000), and Washington ($106,250) counties.
This program supports individuals with some farming experience who wish to expand, purchase, or invest in a farming operation. Loans can be used for livestock, equipment, facilities, working capital, real estate, or partnerships.
For more information on KAFC loans, contact Bill McCloskey at 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