Anderson, two Bourbon County projects received loans from Ag Finance

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Courtesy of MGN Online

FRANKFORT, Kentucky (WTVQ) – The Kentucky Agricultural Finance Corporation has approved 11 agricultural loans totaling $ 2,700,000 at its monthly board meeting for projects in the Commonwealth.

An agricultural infrastructure loan totaling $ 100,000 was approved for a recipient in Calloway County. KAFC works with lenders to provide financing to growers making capital investments for agricultural projects through AILP.

Eligible projects include permanent farms with attachments that increase the profitability of agricultural operations. Producers may be eligible for up to $ 150,000, which does not exceed 50 percent of the project amount.

A $ 500,000 agricultural processing loan was approved for the Anderson County operation. APLP is designed to provide loan options to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural products through further processing.

Processors of agricultural products can apply for financing the purchase of equipment, construction of new facilities, reconstruction / expansion of existing facilities and permanent working capital in the amount of up to 50 percent of the project cost.

Loans to start-up farmers totaling $ 1,850,000 were approved for eight recipients; three in Barren Counties ($ 150,000, $ 250,000 and 250,000), Bourbon ($ 200,000), Graves ($ 250,000), Hart ($ 250,000), Hickman ($ 250,000) and Webster ($ 250,000) …

The BFLP is designed to help people with some agricultural experience who want to develop, expand, or participate in farming.

Novice farmers can apply for funding to purchase livestock, equipment, or agricultural facilities; provide constant working capital; for the purchase of farm real estate; or invest in a partnership or LLC.

A $ 250,000 Diversification Through Agribusiness Entrepreneurship loan was approved for a recipient in Bourbon County. A TRANSACTION is intended to assist agricultural entrepreneurs in buying, starting or expanding a business that sells agricultural products or services to farmers or consumers.

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