By Blake Jackson
The Kentucky Agricultural Finance Corp. (KAFC) has approved 12 agricultural loans worth a combined $1,926,125 to support farming projects in communities throughout Kentucky. The approvals were made during the organization’s monthly board meeting.
Three loans were approved through the Agricultural Infrastructure Loan Program (AILP), providing up to $285,000 in financing. The projects are located in Breckinridge, Marion and Monroe counties, with approved amounts of $75,000, $60,000, and $150,000, respectively.
The program works alongside participating lenders to help farmers finance permanent structures and related equipment designed to improve farm operations. Eligible producers can receive up to $250,000, provided the loan does not exceed half of the project’s total cost.
The board also approved nine loans through the Beginning Farmer Loan Program (BFLP), totaling up to $1,641,125. Funding will assist producers in Adair, Franklin, Madison, Marion, Monroe, Russell, and Union counties.
BFLP financing can help qualified beginning farmers purchase livestock, equipment, facilities or farmland. Funds may also support permanent working capital or investments in farming partnerships and limited liability companies.
Producers interested in KAFC participation loans can contact their lender or Kentucky Office of Agricultural Policy representative Bill McCloskey at (502) 382-6093 or email kafc@ky.gov.
Photo Credit: kentucky-agricultural-finance-corporation
Categories: Kentucky, Government & Policy