Governor's Office of Agricultural Policy
Beginning Farmer and Agricultural Infrastructure Loans Approved
FRANKFORT, Ky. (Jan. 9, 2015) - The Kentucky Agricultural Finance Corporation (KAFC) today approved $686,392 in six agricultural loans for projects in the Commonwealth.
Beginning Farmer Loan Program (BFLP)
Beginning Farmer loans totaled $358,082 and included two recipients, from Hickman and Washington counties. BFLP is designed to assist individuals with some farming experience who desire to develop, expand or buy into a farming operation. Beginning farmers may qualify for financing to purchase livestock, equipment or agriculture facilities; to secure permanent working capital; for the purchase of farm real estate; or to invest in a partnership or LLC.
Agricultural Infrastructure Loan Program (AILP)
Four Agricultural Infrastructure loans were approved for $328,310 and included recipients from Carlisle, Mercer, Taylor and Woodford counties. Through AILP, KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects. Eligible projects include permanent farm structures and permanently attached equipment that enhance the profitability of the farming operation.
The next deadline for loan applications is Friday, Jan. 23, 2015.
For more information on the programs offered by the KAFC, contact Bill McCloskey, director of financial services, at 502-564-4627 or visit the KAFC webpage at kafc.ky.gov.
Gov. Steve Beshear and the Kentucky Legislature continue their commitment to the agricultural diversification efforts being made across the Commonwealth.
The Kentucky Agricultural Finance Corporation (KAFC), chaired by Kentucky's Agriculture Commissioner James Comer, provides capital access for agricultural diversification and infrastructure projects. To date, KAFC has approved 581 projects and committed more than $69 million.
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