By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) has approved 20 agricultural loans totaling $3,369,563 to support projects across the state, following its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Nine infrastructure loans amounting to $1,324,438 were awarded to producers in several counties, including Caldwell ($250,000), Christian ($250,000), Cumberland ($38,750), Daviess ($140,000), Graves ($250,000 and $250,000), McCracken ($43,688), Mercer ($47,000), and Webster ($55,000).
The AILP helps producers finance permanent farm structures and related equipment that improve profitability. KAFC partners with lenders, offering loans up to $250,000, not exceeding 50 percent of the project cost.
Agricultural Processing Loan Program (APLP)
One processing loan of $40,000 was approved in Nelson County. The program supports businesses and individuals adding value to Kentucky-grown commodities through processing. Funding may cover equipment purchases, new construction, facility upgrades, or permanent working capital, with loans available up to 50 percent of project expenses.
Beginning Farmer Loan Program (BFLP)
Ten loans under the BFLP, totaling $2,005,125, were approved for beginning farmers in Barren ($56,000 and $107,500), Hardin ($172,000), Henry ($175,000), Jessamine ($250,000), Logan ($250,000 and $250,000), Scott ($250,000), Shelby ($244,625), and Wayne ($250,000) counties.
This program assists individuals with farming experience who are ready to start, expand, or invest in an operation. Funding may be used for purchasing livestock, equipment, facilities, or farmland, as well as permanent working capital or investment in partnerships and LLCs.
For more details about KAFC loan programs, producers are encouraged to contact their local lender or reach out to Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or by email at kafc@ky.gov.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Government & Policy