FRANKFURT, Ky. – The Kentucky Agricultural Finance Corporation (KAFC) approved $1,538,208 for six agricultural loans for projects across the Commonwealth at its monthly board meeting.
Agricultural Infrastructure Lending Program (AILP)
Two agricultural infrastructure loans totaling $326,725 have been approved. Loan recipients were in Kenton ($76,725) and Wayne ($250,000) counties. KAFC works with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with associated equipment that improve farm profitability. Producers may be eligible for up to $250,000 not to exceed 50% of the project.
Agricultural Transformation Loan Program (APLP)
An agricultural processing loan totaling $500,000 has been approved for a meat processing operation in Woodford County. APLP is designed to provide loan opportunities to Kentucky businesses and individuals interested in adding value to Kentucky-grown agricultural products through further processing. Agricultural processors can benefit from financing for the acquisition of equipment, the construction of new facilities, the renovation/expansion of existing facilities and permanent working capital up to 50% of the cost of the project.
Beginning Farmer Loan Program (BFLP)
Three beginning farmer loans totaling $711,483 have been approved. Loan recipients were in Christian ($250,000), Hart ($211,483) and McLean ($250,000) counties. The BFLP is designed to help people with some agricultural experience who want to develop, expand or buy a farm business. Beginning farmers may be eligible for funding to purchase livestock, farm equipment or facilities; secure permanent working capital; for the purchase of agricultural real estate; or to invest in a partnership or LLC.
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