FRANKFORT, Ky. (March 7, 2014) -The Kentucky Agricultural Finance Corporation (KAFC) today approved $1,612,375 in 13 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 $326,500 and included recipients from Hickman, Hopkins, McLean (2) and Ohio 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 $1,035,875 and included six recipients from Bourbon, Daviess (2), Hickman, Montgomery and Woodford counties.
New Agriculture Enterprise Loan Program (NAEL)
NAEL is designed to provide loans for Kentucky farming operations as they enter into a new agriculture enterprise to take advantage of market opportunities created by an agribusiness expansion. Two NAEL loans were approved for $250,000 to recipients in Webster County.
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.