FRANKFORT, Ky. (WTVQ) – The Kentucky Agricultural Finance Corporation (KAFC) approved $967,643.50 in seven agricultural loans for projects across the commonwealth at its board meeting Friday.
“The investments made by the KAFC today cover a wide array of projects as well as many regions of Kentucky,” Commissioner of Agriculture Dr. Ryan Quarles said. “In particular, critical investments were made for the future of Kentucky agriculture through the Beginning Farmer Loan Program which helps build a strong pipeline of agriculture leaders for the Commonwealth. I appreciate all the work done by KAFC board members to review these applications.”
Two Agricultural Infrastructure loans totaling $150,000 were approved for recipients in Allen ($100,000) and Laurel ($50,000) counties.
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 percent of the project.
An Agricultural Processing loan totaling $200,000 was approved for an operation in Caldwell 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 percent of the project cost.
Four Beginning Farmer loans totaling $617,643.50 were approved for recipients in Lincoln ($250,000), Mercer ($130,000), Warren ($100,000), and Wayne ($137,643.50) 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.