Kentucky Agricultural Finance Corporation approves $2,056,000 in loans

FRANKFURT, Ky. – The Kentucky Agricultural Finance Corporation (KAFC) approved $2,056,000 for 10 agricultural loans for projects across the Commonwealth at its monthly board meeting.

Agricultural Infrastructure Lending Program (AILP)

An agricultural infrastructure loan totaling $50,000 has been approved for a recipient in Nelson County. KAFC works with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with associated equipment that improve farm profitability. Producers may be eligible for up to $250,000 not to exceed 50% of the project.

Beginning Farmer Loan Program (BFLP)

Nine beginning farmer loans totaling $2,006,000 have been approved. Loan recipients were in Barren ($126,000), Bourbon ($250,000), two in Graves ($250,000, $250,000), Hardin ($130,000), two in McLean ($250,000, $250,000 $), Shelby ($250,000) and Webster ($250,000) counties. The BFLP is designed to help people with some agricultural experience who want to develop, expand or buy a farm business. Beginning farmers may be eligible for funding to purchase livestock, farm equipment or facilities; secure permanent working capital; for the purchase of agricultural real estate; or to invest in a partnership or LLC.

For more information on programs offered by KAFC, contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or e-mail [email protected].

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