By Blake Jackson
The Kentucky Agricultural Finance Corporation (KAFC) has approved 14 agricultural loans, amounting to $2,950,475, for various projects across Kentucky during its recent board meeting.
Agricultural Infrastructure Loan Program (AILP)
Four loans, totaling $675,000, were approved under the Agricultural Infrastructure Loan Program. The approved loans are allocated to projects in Hardin ($75,000 and $150,000), Monroe ($250,000), and Warren ($200,000) counties.
The AILP offers financial support to farmers in collaboration with lenders to help fund capital improvements for agricultural ventures.
This program allows producers to enhance their farming operations by financing permanent structures and equipment that increase profitability. Eligible applicants may borrow up to $250,000, covering no more than 50% of the total project cost.
Beginning Farmer Loan Program (BFLP)
Additionally, 10 loans under the Beginning Farmer Loan Program were approved, amounting to $2,275,475. The loans were distributed to farmers in Anderson ($250,000), Barren ($112,500), Breckenridge ($250,000), Crittenden ($236,500), Graves ($250,000), Hart ($250,000), Hopkins ($250,000), Madison ($176,475), Mercer ($250,000), and Spencer ($250,000) counties.
The BFLP is aimed at assisting aspiring farmers with some prior experience to either start, expand, or invest in farming operations.
The program provides financing options for various needs such as purchasing livestock, equipment, or agricultural facilities, securing permanent working capital, buying farm real estate, or investing in a partnership or LLC.
For further details about the programs available through the KAFC, individuals can contact Bill McCloskey at the Kentucky Office of Agricultural Policy by phone at (502) 382-6093 or by emailing kafc@ky.gov.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Government & Policy