FRANKFORT, Ky. (April 19, 2024) – The Kentucky Agricultural Finance Corp. (KAFC) approved $2,893,877 for 18 agricultural loans for projects across the Commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Eight Agricultural Infrastructure loans totaling $1,426,167 were approved. Loan recipients were in Adair ($177,000 and $250,000), Calloway ($250,000), Hart ($71,667), Henry ($250,000), Meade ($65,000), and Taylor ($112,500 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 $150,000 not to exceed 50 percent of the project.
Beginning Farmer Loan Program (BFLP)
Eight Beginning Farmer loans totaling up to $1,167,710 were approved. Loan recipients were in Adair ($142,860), Casey ($82,500), Edmonson ($106,250), Green ($150,000), Harrison ($100,000), LaRue ($110,000), McLean ($226,100), and Mercer ($250,000) 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)
Two Diversification through Entrepreneurship in Agribusiness loans totaling $300,000 were approved. Loan recipients were in Jefferson ($200,000) and Marion ($100,000) counties. 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.
