Kentucky Approves $4.1M in New Farm Loans

By Blake Jackson

The Kentucky Agricultural Finance Corp. (KAFC) has approved 19 new agricultural loans totaling $4,112,135 during its monthly board meeting, providing key financial support for farming projects across the Commonwealth.

Agricultural Infrastructure Loan Program (AILP)

KAFC authorized six Agricultural Infrastructure loans amounting to $1,380,000. These loans were awarded to producers in Caldwell ($250,000), Graves ($250,000 and $250,000), Trigg ($130,000), and Webster counties ($250,000 and $250,000).

Through the AILP, KAFC partners with local lenders to help producers finance capital improvements. Eligible investments include permanent farm structures and equipment that enhance operational profitability. Producers may receive up to $250,000, covering no more than 50 percent of the total project cost.

Beginning Farmer Loan Program (BFLP)

Thirteen Beginning Farmer loans totaling $2,732,135 were also approved. Funding was awarded to recipients in Breckinridge ($90,750 and $202,400), Caldwell ($125,000), Fleming ($250,000), Graves ($250,000), Green ($250,000), Hickman ($249,280), Mercer ($152,000 and $250,000), Ohio ($250,000 and $250,000), Washington ($162,705), and Woodford ($250,000) counties.

The BFLP supports individuals with farming experience who want to start, expand, or invest in an agricultural operation. Eligible uses include purchasing livestock, equipment, or facilities; securing long-term working capital; buying farmland; or investing in a partnership or LLC.

For more details about KAFC loan programs, producers can contact their lender or reach Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or by emailing kafc@ky.gov.

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