The Kentucky Agricultural Finance Corp. (KAFC) approved 13 agricultural loans totaling $2,418,789 for projects across the Commonwealth today at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Two Agricultural Infrastructure loans totaling up to $340,000 were approved. Loan recipients were in Boyle ($90,000) and Christian ($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 $250,000, not to exceed 50 percent of the project.
Beginning Farmer Loan Program (BFLP)
Eight Beginning Farmer loans totaling up to $1,716,289 were approved. Loan recipients were in Clark ($122,819), Clinton ($250,000), Harrison ($250,000), McCreary ($250,000), McLean ($250,000), Washington ($250,000), Wayne ($93,470), and Woodford ($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 agricultural 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)
One Diversification through Entrepreneurship in Agribusiness loan totaling $192,224 was approved for a recipient in Union County.
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.
Horticulture Incentives Loan Program (HILP)
One HILP loan totaling $250,000 was approved for a recipient in Calloway County.
KAFC participates with lenders to provide financing to make working capital available to horticulture producers to get crops from the field to buyers through the HILP. Producers may
be eligible for up to $250,000, not to exceed 50 percent of the project.
Large/Food Animal Veterinary Loan Program (LFAVLP)
One LFAVLP loan totaling $112,500 was approved for a recipient in Casey County.
LFVALP is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip, or buy into a practice serving large animal producers, including goat, sheep, swine, and other smaller food animals.
For more information on KAFC participation loans, contact your lender or Bill McCloskey at the Kentucky Office of Agricultural Policy at (502)382-6093 or email kafc@ky.gov.