FRANKFORT/KENTUCKY, 6 July 2021: The Kentucky Agricultural Finance Corporation (KAFC) approved USD 967,643.50 in seven agricultural loans for projects across the commonwealth at its board meeting last month.
Dr. Ryan Quarles Commissioner of Agriculture said “The investments made by the KAFC cover a wide array of projects as well as many regions of Kentucky. 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.”
Agricultural Infrastructure Loan Program (AILP)
Two Agricultural Infrastructure loans totaling USD 150,000 were approved for recipients in Allen (USD 100,000) and Laurel (USD 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 USD 150,000 not to exceed 50 percent of the project.
Agricultural Processing Loan Program (APLP)
Two Agricultural Infrastructure loans totaling USD 150,000 were approved for recipients in Allen (USD 100,000) and Laurel (USD 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 USD 150,000 not to exceed 50 percent of the project.
Beginning Farmer Loan Program (BFLP)
Four Beginning Farmer loans totaling USD 617,643.50 were approved for recipients in Lincoln (USD 250,000), Mercer (USD 130,000), Warren (USD 100,000), and Wayne (USD 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.
