FRANKFORT, Ky. (July 11, 2014) -The Kentucky Agricultural Finance Corporation (KAFC) today approved $1,544,092 in 14 agricultural loans for projects in the Commonwealth. The loans were approved during KAFC’s regular monthly business meeting.
Agricultural Infrastructure Loan Program (AILP)
Through AILP, KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects. Eligible projects include permanent farm structures with attached equipment that improve the profitability of farming operations. Seven Agricultural Infrastructure loans were approved for $289,592 and included recipients from Butler, Calloway (2), Graves (2), Hickman and Logan counties.
Beginning Farmer Loan Program (BFLP)
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. Beginning Farmer loans totaled $1,154,500 and included six recipients from Daviess, Logan, Marshall, Meade, Washington and Webster counties.
Large/Food Animal Veterinary Loan Program
The Veterinary Loan Program is designed to assist individuals licensed to practice veterinary medicine in Kentucky who desire to construct, expand, equip or buy into a practice serving large animal producers, as well as other smaller food animals. One Veterinary loan was approved for $100,000 to a recipient from Barren County.
The next deadline for loan applications is Friday, Aug. 15, 2014.
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.