FRANKFORT, Ky. — The Kentucky Agricultural Finance Corporation (KAFC) approved $1,775,290 in 11 agricultural loans for projects across the commonwealth at its monthly board meeting. Aid bolsters farm market, beef, poultry, beginning farmers across the commonwealth
Agricultural Processing Loan Program (APLP)
An Agricultural Processing loan totaling $91,000 was approved for an operation in Anderson 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 Finance Corporation 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)
Beginning Farmer loans totaling $1,684,290 were approved for recipients in Anderson ($230,500), Barren ($92,500), Boyle ($250,000), Hardin ($72,500), Hart ($130,000), Henry ($135,790), Mercer ($75,000), and three in Warren ($198,000, $250,000, $250,000) counties.
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.
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