By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) approved $2,504,875 for 14 agricultural loans for projects across the commonwealth at its monthly board meeting. The loans were distributed among three programs: Agricultural Infrastructure Loan Program (AILP), Agricultural Processing Loan Program (APLP), and Beginning Farmer Loan Program (BFLP).
- Agricultural Infrastructure Loan Program (AILP): This program provides financing to producers making capital expenditures for agricultural projects. Three loans totaling $515,000 were approved for projects in Breckinridge, Warren, and Webster counties.
- Agricultural Processing Loan Program (APLP): This program provides loan opportunities to companies and individuals interested in adding value to Kentucky-grown agricultural commodities through further processing. One loan totaling $204,500 was approved for a project in Warren County.
- Beginning Farmer Loan Program (BFLP): This program helps individuals with some farming experience who want to develop, expand, or buy into a farming operation. Ten loans totaling $1,785,375 were approved for projects in Christian, Garrard, Hart, Hopkins, McLean, Taylor, Todd, Union, and Wayne counties.
The KAFC's loan programs play an important role in supporting Kentucky's agricultural industry. By providing access to affordable financing, these programs help farmers and agribusinesses invest in their operations and grow their businesses.
For more information on the programs offered by the KAFC, contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Business, Government & Policy