FRANKFURT, 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 Transformation Loan Program (APLP)
An agricultural transformation loan totaling $500,000 has been approved for an operation in Greenup County. APLP is designed to provide loan opportunities to Kentucky businesses and individuals interested in adding value to Kentucky-grown agricultural products through further processing. Agricultural processors can benefit from financing for the acquisition of equipment, the construction of new facilities, the renovation/expansion of existing facilities and permanent working capital up to 50% of the cost of the project.
Beginning Farmer Loan Program (BFLP)
Seven beginning farmer loans totaling $1,132,750 have been approved. Loan recipients were in Hardin ($212,500), Hart ($42,500), Hickman ($250,000), Marion ($128,250), Pendleton ($122,500), Todd ($250,000) counties and Whitley ($127,000). The BFLP is designed to help people with some agricultural experience who want to develop, expand or buy a farm business. Beginning farmers may be eligible for funding to purchase livestock, farm equipment or facilities; secure permanent working capital; for the purchase of agricultural real estate; or to invest in a partnership or LLC.
Diversification through Entrepreneurship in Agribusiness (DEAL) Program
A $100,000 agribusiness diversification loan was approved for a recipient in Nelson County. DEAL is designed to assist agribusiness entrepreneurs in the purchase, creation or expansion of a business that sells agricultural products or services to farmers or consumers.