Kentucky Agricultural Finance Corporation approves $3,501,646 in loans

FRANKLIN, Ky. (WBKO) – The Kentucky Agricultural Finance Company authorized $3,501,646 for 13 agricultural loans for initiatives throughout the commonwealth at its month-to-month board assembly.

Agricultural Infrastructure Mortgage Program, an Agricultural Infrastructure mortgage totaling $250,000, was authorized for a recipient in Hardin County. KAFC participates with lenders to supply financing to producers making capital expenditures for agricultural initiatives via the AILP. Eligible initiatives embody everlasting farm constructions with hooked up gear that improves the profitability of farming operations. Producers could also be eligible for as much as $250,000 to not exceed 50% of the mission.

Agricultural Processing Mortgage Program, an Agricultural Processing mortgage totaling $876,646, was authorized for a meat processing operation in Taylor County. APLP is designed to supply mortgage alternatives to firms and people in Kentucky fascinated about including worth to Kentucky-grown agricultural commodities via additional processing.

Agricultural processors could qualify for financing for the acquisition of kit, development of latest services, renovation and growth of current services, and everlasting working capital as much as 50% of the mission price.

Eleven Starting Farmer loans totaling $2,375,000 had been authorized. Mortgage recipients had been in Boyle ($110,000), Hart ($250,000), Henderson ($250,000), two in Henry ($250,000, $250,000), McLean ($250,000), Muhlenberg ($250,000), Nelson ($200,000), Washington ($65,000), and two in Webster ($250,000, $250,000) counties. The BFLP is designed to help people with some farming expertise who need to develop, broaden, or purchase right into a farming operation. Starting farmers could qualify for financing to buy livestock, gear, or agriculture services; to safe everlasting working capital; for the acquisition of farm actual property; or to put money into a partnership or LLC.

For extra data on the packages supplied by the KAFC, contact Invoice McCloskey at Kentucky Workplace of Agricultural Coverage at (502) 382-6093 or e-mail kafc@ky.gov.

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