By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) announced the approval of 16 agricultural loans totaling $2,700,098 during its recent board meeting. These loans aim to support both established and beginning farmers across the state.
Funding Infrastructure Improvements:
Five Agricultural Infrastructure Loan Program (AILP) loans were approved, totaling $931,500. These loans assist producers with financing permanent farm structures and equipment that enhance profitability. Recipients hail from Allen, Butler, Hardin, Logan, and Wayne counties.
Empowering Beginning Farmers:
Ten Beginning Farmer Loan Program (BFLP) loans were approved, totaling $1,768,598. This program helps individuals with some farming experience establish or expand their operations.
Loan recipients are located in Adair, Crittenden, Daviess, Hart, Ohio, Owen, Taylor, and Whitley counties. Funding can be used for livestock, equipment, farm facilities, working capital, real estate purchases, or investments in partnerships.
Supporting Agribusiness Growth:
One Diversification through Entrepreneurship in Agribusiness Loan Program (DEALP) loan was approved for $250,000.
DEALP supports the creation or expansion of businesses that sell agricultural products or services to farmers and consumers. This loan recipient is located in Madison County.
Investing in Kentucky's Agriculture:
These loans demonstrate the KAFC's commitment to Kentucky's agricultural sector. By providing financial assistance for infrastructure improvements, beginning farmer initiatives, and agribusiness development, the KAFC helps strengthen Kentucky's farms and the communities they support.
Contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.
Photo Credit: kentucky-agricultural-board
Categories: Kentucky, Government & Policy