The Kentucky Agricultural Finance Corporation (KAFC) approved $2,240,075 in agricultural loans for 12 projects across the state at its monthly board meeting.
The loans were approved for three programs: the Agricultural Infrastructure Loan Program (AILP), the Beginning Farmer Loan Program (BFLP), and the Diversification through Entrepreneurship in Agribusiness Program (DEALP).
• The AILP provides financing to producers making capital expenditures for agricultural projects. Two loans totaling $500,000 were approved under this program, one for a project in Graves County and one for a project in Marshall County.
• The BFLP is designed to assist individuals with some farming experience who desire to develop, expand, or buy into a farming operation. Nine loans totaling $1,590,075 were approved under this program, one for each of the following counties: Anderson, Hardin, Marion, Metcalfe, Monroe, Todd, and Washington.
• The DEALP assists Agri-entrepreneurs with the purchase, establishment, or expansion of a business that sells agricultural products or services to farmers or consumers. One loan totaling $150,000 was approved under this program for a project in Daviess County.
These loans will help to support agricultural production and entrepreneurship in Kentucky. They will also help to create jobs and boost the economy.
Photo Credit: KAFC
Categories: Kentucky, Business