FRANKFURT, Ky. – The Kentucky Agricultural Finance Corporation (KAFC) approved $ 1,925,115 for 10 agricultural loans for projects across the Commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Two agricultural infrastructure loans totaling $ 300,000 have been approved. The loan recipients were in Hopkins ($ 150,000) and Webster ($ 150,000) counties. KAFC works with lenders to provide financing to producers making capital expenditures for agricultural projects through AILP. Eligible projects include permanent agricultural structures with attached equipment that improve 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)
Nine early stage farmer loans totaling $ 1,625,115 have been approved. Loan recipients were in Ballard ($ 220,000), Daviess ($ 62,615), Edmonson ($ 147,500), two in Hopkins ($ 250,000 each), two in McLean counties ($ 250,000), two $ each) and Wayne ($ 195,000). The BFLP is designed to help people with some farming experience who want to develop, expand or buy a farm. Entry-level farmers may be eligible for funding to purchase livestock, farming equipment or facilities; ensure permanent working capital; for the purchase of agricultural real estate; or to invest in a partnership or LLC.
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