Almost $1.5 million in ag loans approved in Boyle, Mercer, Rockcastle, other counties

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FRANKFORT, Ky. (WTVQ) – The Kentucky Agricultural Finance Corp. (KAFC)  approved $1,483,000 in eight agricultural loans Friday for projects across the state, including a large veterinary animal hospital in Rockcastle County.

The loans include:

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Agricultural Processing Loan Program (APLP)

One Agricultural Processing loan totaled $125,000 for recipients in Boyle 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 acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50% of the project cost. 

Beginning Farmer Loan Program (BFLP)

Six Beginning Farmer loans totaled $1,285,500 for recipients in Edmonson ($205,500), Franklin ($130,000), Graves ($250,000), Hickman ($250,000), Marion ($200,000) and Mercer ($250,000) counties. 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. 

Large/Food Animal Veterinary Loan Program (VET)

One VET loan was approved totaling $72,500 for recipients in Rockcastle County. VET is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip or buy into a practice serving large animal producers, including goat, sheep, swine and other smaller food animals.