Kentucky Agricultural Finance Corporation approves $3,501,646 in loans

FRANKLIN, Ky. (WBKO) - The Kentucky Agricultural Finance Corporation approved $3,501,646 for 13 agricultural loans for projects across the commonwealth at its monthly board meeting.

Agricultural Infrastructure Loan Program, an Agricultural Infrastructure loan totaling $250,000, was approved for a recipient in Hardin County. KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers may be eligible for up to $250,000 not to exceed 50% of the project.

Agricultural Processing Loan Program, an Agricultural Processing loan totaling $876,646, was approved for a meat processing operation in Taylor County. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing.

Agricultural processors may qualify for financing for the acquisition of equipment, construction of new facilities, renovation and expansion of existing facilities, and permanent working capital up to 50% of the project cost.

Eleven Beginning Farmer loans totaling $2,375,000 were approved. Loan recipients were in Boyle ($110,000), Hart ($250,000), Henderson ($250,000), two in Henry ($250,000, $250,000), McLean ($250,000), Muhlenberg ($250,000), Nelson ($200,000), Washington ($65,000), and two in Webster ($250,000, $250,000) counties. The BFLP is designed to assist individuals with some farming experience who desire to develop, expand, or buy into a farming operation. Beginning farmers may qualify for financing to purchase livestock, equipment, or agriculture facilities; to secure permanent working capital; for the purchase of farm real estate; or to invest in a partnership or LLC.

For more information on the programs offered by the KAFC, contact Bill McCloskey at Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.