Kentucky Agricultural Finance Corp. Approves $ 1.6 Million Loans – Lane Report
FRANKFURT, Ky.—The Kentucky Agricultural Finance Corp. (KAFC) approved $ 1,638,500 in 10 agricultural loans for projects across the Commonwealth at its board meeting today.
Loans approved this month bring KAFC’s total to $ 153,668,270 on more than 1,130 loans to farmers and agribusinesses that have helped grow and diversify Kentucky’s agricultural economy.
“These loans have strengthened our agricultural economy and allow us to better emerge from the COVID-19 pandemic., ” Governor Andy Beshear said.
Agricultural Infrastructure Loan Program (AILP)
Two agricultural infrastructure loans totaling $ 251,500 were approved for two recipients: one in Nelson County ($ 150,000) for the purchase of a nursery and landscaping business, and one in the Henderson County ($ 101,500) for the construction of two grain elevators and the purchase of an auger. 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% of the project.
Beginning Farmer Loan Program (BFLP)
Eight start-up farmer loans totaling $ 1,387,000 were approved for recipients in Barren ($ 106,250), Graves ($ 250,000), Hart ($ 100,000), Lincoln ($ 40,250), Logan (232) counties. $ 000), Nelson ($ 158,500) and two in Webster Counties ($ 250,000 each). 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.
For more information on the programs offered by KAFC, contact Ali Hulett, Loan Programs Manager, at 502-782-1760 or visit the KAFC webpage at kafc.ky.gov.