Kentucky approves $3.4 Million in Ag loans

By Blake Jackson

The Kentucky Agricultural Finance Corp. (KAFC) has made significant financial commitments to advance agriculture in the Commonwealth, approving 17 loans totaling $3,407,175. This funding was sanctioned at the organization's monthly board meeting, aiming to bolster various agricultural projects throughout Kentucky.

Under the Agricultural Infrastructure Loan Program (AILP), three loans totaling $750,000 were allocated to projects in Logan, Monroe, and Trigg counties. Each county received $250,000 to assist in developing permanent farm structures that are equipped with essential farming equipment.

This initiative is designed to enhance the profitability of farming operations, providing farmers with up to 50% of project costs.

Additionally, the Beginning Farmer Loan Program (BFLP) has granted fourteen loans, amassing a total of $2,657,175 to support novice farmers across multiple counties. These loans aid individuals with some farming background aiming to develop or expand their farming activities.

Counties benefiting from this round of funding include Adair, Breckenridge, Christian, Graves, Grayson, Logan, Madison, Metcalfe, Russel, Taylor, Trigg, and Wayne.

These funds are intended for a variety of uses, from purchasing livestock and equipment to acquiring agricultural facilities. They also help secure permanent working capital and facilitate the purchase of farm real estate or investments in partnerships or LLCs.

The BFLP particularly targets those at the onset of their agricultural careers, offering substantial financial support to ensure they have the necessary resources to succeed in competitive farming operations.

For those interested in learning more about the financial opportunities provided by KAFC, further information is available through the Kentucky Office of Agricultural Policy. This support underlines Kentucky's commitment to nurturing a robust agricultural sector, promoting sustainable farming practices, and supporting its farming communities across the state.

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