Kentucky Agricultural Finance Corporation approves $1,334,250 in loans

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FRANKFORT, Ky. (WTVQ) – The Kentucky Agricultural Finance Corporation approved $1,334,250 in seven agricultural loans for projects across the Commonwealth at its board meeting today.

Agricultural Infrastructure Loan Program (AILP)

An Agricultural Infrastructure loan was approved for a recipient in Fayette County ($75,000) to construct a shop and barn.

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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 $150,000 not to exceed 50% of the project.

Beginning Farmer Loan Program (BFLP)

Six Beginning Farmer loans totaling $1,259,250 were approved for recipients in Crittenden ($225,000), Clark ($250,000), Graves ($250,000), Mercer ($204,000), Shelby ($147,000), and Washington ($183,250) 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.

For more information on the programs offered by the KAFC, contact Ali Hulett, loan programs manager, at 502-782-1760 or visit the Kentucky Office of Agricultural Policy webpage at www.kyagr.com/agpolicy.