The Kentucky Agricultural Finance Corp (KAFC) recently approved agricultural loans for various projects across the state. At its monthly board meeting, a total of $2,420,905 was allocated towards 16 agricultural loans.
The Agricultural Infrastructure Loan Program (AILP) received a portion of the funding, with five loans amounting to $545,305 being approved. The loan recipients were located in Clinton, Graves, and Wayne counties. The AILP aims to provide financing to producers who are investing in agricultural projects such as permanent farm structures with attached equipment. These improvements are designed to enhance the profitability of farming operations. Producers may be eligible for loans of up to $250,000, not exceeding 50% of the project cost.
The Beginning Farmer Loan Program (BFLP) also received a significant portion of the approved loans. A total of 10 loans worth $1,750,600 were approved for recipients in Graves, Grayson, Hart, Hopkins, Metcalfe, Nicholas, Taylor, and Webster counties. The BFLP is tailored towards individuals with some farming experience who wish to develop, expand, or acquire a farming operation. Loan recipients can utilize the funds to purchase livestock, equipment, agriculture facilities, secure working capital, invest in real estate, or participate in a partnership or limited liability company.
In addition to these programs, the Large/Food Animal Veterinary Loan Program (LFAVLP) was granted a loan of $125,000 to a recipient in Todd County. The LFAVLP is designed for licensed veterinary practitioners in Kentucky who intend to establish, expand, equip, or become part-owners of a practice that serves large animal producers, including those involved in goat, sheep, swine, and other smaller food animal industries.
If you are interested in learning more about the programs offered by the KAFC, you can contact Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or send an email to firstname.lastname@example.org.
These agricultural loans provided by KAFC play a vital role in supporting the development of agricultural projects in Kentucky. Whether it’s enhanced infrastructure, assistance for beginning farmers, or support for veterinarians serving the food animal industry, these loans contribute to the growth and profitability of the state’s agriculture sector.