Governor's Office of Agricultural Policy
Grain Bin, Poultry Houses, Land Among Five Approved Loans
LEXINGTON, Ky. (Oct. 2, 2015) -The Kentucky Agricultural Finance Corp. (KAFC) approved $482,100 in five agricultural loans for projects in the Commonwealth at its board meeting today.
Beginning Farmer Loan Program (BFLP)
Beginning Farmer loans totaled $287,500 for two recipients in Mercer ($152,500) and Woodford ($135,000) 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)
Three Agricultural Infrastructure loans were approved for a total of $194,600 for recipients in Calloway ($22,100), Casey ($22,500) and McLean ($150,000) 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 631 projects and committed more than $51 million.
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