KY Agricultural Finance Corporation approves over $ 1.9 million in loans

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BOWLING GREEN, Kentucky. The Kentucky Agricultural Finance Corporation (KAFC) approved 11 agricultural loans totaling $ 1,948,136 for projects in the Commonwealth at its monthly board meeting.

Agricultural Infrastructure Loan Program (AILP)
An agricultural infrastructure loan totaling $ 105,886 was approved for the Calloway County operation. 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.

Beginner Farmer Loan Program (BFLP)
Nine seed farmer loans totaling $ 1,813,250 have been approved for recipients in Bourbon ($ 108,750), Crittenden ($ 160,000), Davis ($ 250,000), Garrard ($ 232,500), Graves ($ 250,000) , Hickman ($ 250,000), Mead ($ 62,000), Nelson ($ 250,000). and Owen County ($ 250,000). The BFLP is designed to help people with some farming 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.

Diversification through Entrepreneurship in Agribusiness (DEAL)
A $ 29,000 Diversification Through Agribusiness Entrepreneurship loan was approved for a beneficiary in Henry 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.

For more information on the programs offered by KAFC, contact Ali Hulett, Loan Program Manager, at 502-782-1760 or by email. [email protected]

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