FRANKFORT, Ky. (July 14, 2023) – The Kentucky Agricultural Finance Corporation (KAFC) approved $3,203,498 for 18 agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Three Agricultural Infrastructure loans totaling up to $528,000 were approved. Loan recipients were in Mercer ($28,000) and Trigg ($250,000 and $250,000) 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 $250,000 not to exceed 50 percent of the project.
Beginning Farmer Loan Program (BFLP)
Fourteen Beginning Farmer loans totaling up to $2,545,498 were approved. Loan recipients were in Allen ($62,500 and $200,000), Christian ($250,000), Clinton ($197,500), Hardin ($250,000), Hickman ($250,000), LaRue ($250,000), Marshall ($111,875), McLean ($182,323), Meade ($49,175), Ohio ($206,125), Owen ($184,000), Shelby ($250,000), and Taylor ($102,000) counties. The 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.
Diversification through Entrepreneurship in Agribusiness Program (DEALP)
A Diversification through Entrepreneurship in Agribusiness loan totaling $130,000 was approved for a recipient in Adair County. DEALP is designed to assist agri-entrepreneurs with the purchase, establishment or expansion of a business that sells agricultural products or services to farmers or consumers.
For more information on the programs offered by the KAFC, contact Bill McCloskey at Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.
