Ag Finance Corp. approves $ 2.5 million in loans to farmers in Ky.

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FRANKFURT, Ky. – The Kentucky Agricultural Finance Corp. (KAFC) on Friday approved nearly $ 2.5 million in 12 farm loans for projects across the Commonwealth.

Loans approved this month bring the total KAFC has provided to more than $ 156 million for more than 1,140 loans to farmers and agribusinesses to help develop and diversify Kentucky’s agricultural economy.

Agricultural Infrastructure Loan Program (AILP)

Two agricultural infrastructure loans totaling $ 180,000 have been approved for recipients in Wayne ($ 150,000) and Hart ($ 30,000) counties. KAFC works with lenders to provide financing to producers making capital expenditures for agricultural projects through AILP. Eligible projects include permanent agricultural structures with attached equipment that improve the profitability of farming operations.

Agricultural Transformation Loan Program (APLP)

Four agricultural transformation loans totaling $ 1,265,000 were approved for recipients in Greenup ($ 255,000), Fleming ($ 160,000), Nelson ($ 350,000) and Pulaski ($ 500,000) counties. APLP is designed to provide loan opportunities for Kentucky businesses and individuals interested in adding value to agricultural products grown in Kentucky through further processing. Agricultural processors may be eligible for funding for the acquisition of equipment, construction of new facilities, renovation / expansion of existing facilities, and ongoing working capital.

Beginning Farmer Loan Program (BFLP)

Five early stage farmer loans totaling $ 869,250 have been approved for recipients in Anderson ($ 202,500), Barren ($ 236,250), Garrard ($ 114,000), Graves ($ 234,000) counties. and Warren ($ 82,500). The BFLP is designed to help people with some farming experience who want to develop, expand or buy a farm.

Large Animal / Food Veterinary Loan Program (VET)

A large animal / food veterinary loan has been approved for a beneficiary in Monroe County ($ 150,000). The Veterinary Loan Program is designed to assist those licensed to practice veterinary medicine in Kentucky who wish to build, expand, outfit, or purchase a practice serving large animal producers, including goats, sheep, pigs and other small animals intended for food.

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