FRANKFORT, Ky. (WTVQ) – The Kentucky Agricultural Finance Corporation approved $1,314,319 in seven agricultural loans for projects Friday.
“As always, it is great to see agricultural producers around the state receive KAFC loans to help improve and diversify their operations,” said Gov. Andy Beshear. “The five beginning farmer loans are a testament to the investments KAFC continues to make in the next generation of agriculturalists.
“This is an area where we can lead the country, but we’ve got to be innovative. We can’t just do things the way we’ve always done. This is an area where the next breakthroughs are going to be as important as in any other industry,” he contiued.
Two Agricultural Processing loans totaled $293,444 for recipients in Harrison ($143,444) and Trigg ($150,000) counties.
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.
Five Beginning Farmer loans totaled $1,020,875 for recipients in Clinton ($250,000), Hardin ($334,000), Madison ($235,000) and Taylor ($201,875) 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.