Governor's Office of Agricultural Policy
Agricultural Finance Loans Approved
FRANKFORT, Ky. (Aug. 1, 2014) -The Kentucky Agricultural Finance Corporation (KAFC) today approved $1 million in five agricultural loans for projects in the Commonwealth.
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. Two Agricultural Infrastructure loans were approved for $250,000 and included recipients from Harrison and Kenton 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 $750,000 and included three recipients from Ballard, Lincoln, and Pulaski counties.
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.
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 540 projects and committed more than $68 million.
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