Friday, 04 04, 2014
FRANKFORT, Ky. (April 4, 2014) - The Kentucky Agricultural Finance Corporation (KAFC) today approved $813,025 in nine agricultural loans for projects in the Commonwealth during its 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 improves the profitability of farming operations. Five Agricultural Infrastructure loans were approved for a total of $336,025 and included recipients from Calloway (3), Graves and McLean 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 farm real estate; or to invest in a partnership or LLC. Beginning Farmer loans totaled $477,000 and included four recipients from Fulton, Henry, Madison and Mercer counties.
The next deadline for loan applications is Friday, April 18, 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 495 projects and committed more than $60 million.