By Blake Jackson
The Kentucky Agricultural Finance Corporation (KAFC) announced its approval of over $3.6 million in loans at its monthly board meeting, demonstrating a continued commitment to strengthening the Commonwealth's agricultural sector.
These funds will be distributed through three distinct programs designed to empower farmers and processors at various stages of development.
Enhancing Agricultural Infrastructure: KAFC allocated $614,183 to support infrastructure improvements in Breckinridge, Metcalfe, and Shelby counties. This Agricultural Infrastructure Loan Program (AILP) provides financing for permanent farm structures and attached equipment, ultimately improving the profitability of farming operations.
Encouraging Value-Added Processing: A $170,000 loan was approved in Todd County through the Agricultural Processing Loan Program (APLP). APLP fosters the development of Kentucky-grown agricultural products by offering loan opportunities for companies and individuals seeking to invest in processing facilities, equipment, and working capital.
Supporting Beginning Farmers: The largest portion of the allocated funds, $2.8 million, was distributed through the Beginning Farmer Loan Program (BFLP). This program empowers aspiring farmers in Bourbon, Clinton, Daviess, and 12 other counties by providing financing for land acquisition, equipment purchases, livestock investment, and working capital needs.
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Categories: Kentucky, Government & Policy