Board of Directors Approves Loans of $ 967,643.50 to Help Beginning, Grain Farmers

FRANKFORT, Ky. (WTVQ) – The Kentucky Agricultural Finance Corporation (KAFC) approved $ 967,643.50 in seven farm loans for projects across the Commonwealth at its board meeting on Friday.

“The investments made by KAFC today cover a wide range of projects as well as many parts of Kentucky,” Agriculture Commissioner Dr Ryan Quarles said. “In particular, critical investments have been made in the future of Kentucky agriculture through the Beginning Farmer Loan program, which is helping to build a strong pool of farm leaders for the Commonwealth. I appreciate all the work the members of the KAFC Board of Directors have done in reviewing these nominations. “

Two agricultural infrastructure loans totaling $ 150,000 were approved for recipients in Allen ($ 100,000) and Laurel ($ 50,000) 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.

A farm processing loan totaling $ 200,000 has been approved for a farm in Caldwell County. APLP is designed to provide loan opportunities for Kentucky businesses and individuals interested in adding value to agricultural products grown in Kentucky through further processing.

Agricultural processors may be eligible for funding for the acquisition of equipment, construction of new facilities, renovation / expansion of existing facilities and ongoing working capital of up to 50% of the cost of the project.

Four early stage farmer loans totaling $ 617,643.50 have been approved for beneficiaries in Lincoln ($ 250,000), Mercer ($ 130,000), Warren ($ 100,000) and Wayne ($ 137,643.50) counties .

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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