FRANKFURT, 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 strengthens agricultural market, beef, poultry and early stage farmers across the Commonwealth
Agricultural Transformation Loan Program (APLP)
A farm processing loan totaling $ 91,000 has been approved for a farm in Anderson County. 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 Finance Corporation processors are eligible for financing for the acquisition of equipment, construction of new facilities, renovation / expansion of existing facilities and permanent working capital of up to 50% of the cost of the project.
Beginning Farmer Loan Program (BFLP)
Early-stage farmer loans totaling $ 1,684,290 have been approved for beneficiaries 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.
The BFLP is designed to help people with some farming experience who want to develop, expand or buy a farm.
Entry-level farmers may be eligible for funding to purchase livestock, farming equipment or facilities; ensure permanent working capital; for the purchase of agricultural real estate; or to invest in a partnership or LLC.
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