Kentucky Agricultural Finance Corporation approves loans of $1,418,400 | Lifestyles
The Kentucky Agricultural Finance Corporation (KAFC) recently approved $1,481,400 for seven agricultural loans for projects across the Commonwealth at its monthly board meeting.
Agricultural Infrastructure Lending Program (AILP)
An agricultural infrastructure loan totaling $97,500 has been approved for a recipient in Madison 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 $150,000 not to exceed 50% of the project.
Beginning Farmer Loan Program (BFLP)
Six beginning farmer loans totaling $1,383,900 were approved. Loan recipients were in Anderson ($250,000), Bourbon ($200,000), Marshall ($250,000), Mercer ($218,500), Pulaski ($215,400), and Warren ($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 about programs offered by KAFC, contact the Kentucky Office of Agricultural Policy at (502) 564-4627 or email [email protected]