FRANKFORT, Ky. — The Kentucky Agricultural Finance Corp. (KAFC) authorized $1,638,500 in 10 agricultural loans for initiatives throughout the commonwealth at its board assembly at this time.
The loans authorized this month carry the overall awarded by the KAFC to $153,668,270 in over 1,130 loans to farmers and agribusinesses, loans which have helped to develop and diversify Kentucky’s agricultural financial system.
Agricultural Infrastructure Mortgage Program (AILP)
Two Agricultural Infrastructure loans totaling $251,500 had been authorized for 2 recipients: one in Nelson County ($150,000) for the acquisition of a nursery and landscaping enterprise, and one in Henderson County ($101,500) for the development of two-grain bins and buy of an auger. KAFC participates with lenders to offer financing to producers making capital expenditures for agricultural initiatives by means of the AILP. Eligible initiatives embrace everlasting farm buildings with hooked up gear that improves the profitability of farming operations. Producers could also be eligible for as much as $150,000 to not exceed 50% of the undertaking.
Starting Farmer Mortgage Program (BFLP)
Eight Starting Farmer loans totaling $1,387,000 had been authorized for recipients in Barren ($106,250), Graves ($250,000), Hart ($100,000), Lincoln ($40,250), Logan ($232,000), Nelson ($158,500), and two in Webster ($250,000 every) counties. BFLP is designed to help people with some farming expertise who need to develop, broaden or purchase right into a farming operation. Starting farmers might qualify for financing to buy livestock, gear, or agriculture services; to safe everlasting working capital; for the acquisition of farm actual property; or to spend money on a partnership or LLC.
For extra info on the applications supplied by the KAFC, contact Ali Hulett, mortgage applications supervisor, at 502-782-1760 or go to the KAFC webpage at kafc.ky.gov.