The Board approved loans of US $ 967,643.50 to help livestock, grain and start-up farmers.

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

“The investments made by KAFC today span a wide range of projects, as well as many regions of Kentucky,” said Agriculture Commissioner Dr. Ryan Quarles. “In particular, critical investments have been made in the future of Kentucky agriculture through the Farmer Budget Loan Program, which helps create a strong flow of Commonwealth agriculture leaders. I appreciate all the work that the KAFC board members have done in reviewing these applications. “

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 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 $ 200,000 agricultural processing loan was approved for the Caldwell 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.

Four seed farmer loans totaling $ 617,643.50 have been approved for recipients in Lincoln ($ 250,000), Mercer ($ 130,000), Warren ($ 100,000) and Wayne ($ 137,643.50) counties. US dollars).

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.

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