Governor's Office of Agricultural Policy
Robotic Milker, Poultry Houses, Land Among Ten Approved Loans
FRANKFORT, Ky. (Nov. 6, 2015) -The Kentucky Agricultural Finance Corp. (KAFC) approved $1,738,729 in 10 agricultural loans for projects in the Commonwealth at its board meeting today.
Beginning Farmer Loan Program (BFLP)
Beginning Farmer loans totaled $1,491,550 for eight recipients in Calloway ($167,950), Edmonson ($90,000), Gallatin ($145,000), Graves ($138,679), Marshall ($250,000), Nelson ($250,000), Pendleton ($197,100), and Pulaski ($250,000) 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)
Two Agricultural Infrastructure loans were approved for a total of $250,000 for recipients in Adair ($150,000) and Lincoln ($100,000) 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.
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 641 projects and committed more than $54 million.
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The Kentucky Agricultural Finance Corporation is supported in part by the Kentucky Agricultural Development Fund.