FRANKFORT, Ky. – The Kentucky Agricultural Finance Corporation (KAFC) approved $ 1,732,750 for nine agricultural loans for projects across the commonwealth at its monthly board meeting.
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $ 500,000 was approved for an operation in Greenup County. APLP is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing. Agricultural processors may qualify for financing for the acquisition of equipment, construction of new facilities, renovation / expansion of existing facilities and permanent working capital up to 50 percent of the project cost.
Beginning Farmer Loan Program (BFLP)
Seven Beginning Farmer loans totaling $ 1,132,750 were approved. Loan recipients were in Hardin ($ 212,500), Hart ($ 42,500), Hickman ($ 250,000), Marion ($ 128,250), Pendleton ($ 122,500), Todd ($ 250,000), and Whitley ($ 127,000) counties. The 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.
Diversification through Entrepreneurship in Agribusiness Program (DEAL)
A Diversification through Entrepreneurship in Agribusiness loan totaling $ 100,000 was approved for a recipient in Nelson County. DEAL is designed to assist agri-entrepreneurs with the purchase, establishment or expansion of a business that sells agricultural products or services to farmers or consumers.