FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) approved 12 agricultural loans totaling $1,926,125 for projects across the Commonwealth at its monthly board meeting.
Agricultural Infrastructure Loan Program (AILP)
Three Agricultural Infrastructure loans totaling up to $285,000 were approved. Loan recipients were in Breckinridge ($75,000), Marion ($60,000) and Monroe ($150,000) 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)
Nine Beginning Farmer loans totaling up to $1,641,125 were approved. Loan recipients were in Adair ($90,000, $107,000, and $135,000), Franklin ($250,000), Madison ($200,000), Marion ($146,000), Monroe ($250,000), Russell ($250,000), and Union ($213,125) counties.
The BFLP is designed to assist individuals with some farming experience who desire to develop, expand, or buy into a farming operation. Beg...