STAFF REPORT
Glasgow News 1
The Kentucky Agricultural Finance Corp. (KAFC) approved $2,772,938 for 16 agricultural loans for projects across the commonwealth at its monthly board meeting.
Among the agricultural loans Barren County will receive $142,500 as part of the Beginning Farmer Loan Program. Eleven other Kentucky counties are also set to receive funds including Adair ($75,000), Anderson ($47,500), Franklin ($250,000), Green ($120,938), Harrison ($154,375), Madison ($152,500), Pendleton ($92,625), Russell ($117,500), Shelby ($195,000), Wayne ($175,000), and Woodford ($250,000) counties.
The loan program is designed to assist individuals with some farming experience who desire to develop, expand, or buy into a farming operation. Beginning farmers may qualify for financing to purchase livestock, equipment, or agriculture facilities; to secure permanent working capital; for the purchase of farm real estate; or to invest in a partnership or LLC.
Other loans are as follows:
Agricultural Infrastructure Loan Program (AILP)
Three Agricultural Infrastructure loans totaling $750,000 were approved. Loan recipients were in Breckinridge ($250,000), McCracken ($250,000), and Owen ($250,000) counties. KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the AILP. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers may be eligible for up to $150,000 not to exceed 50 percent of the project.
Diversification through Entrepreneurship in Agribusiness Program (DEALP)
A Diversification through Entrepreneurship in Agribusiness loan totaling $250,000 was approved for a recipient in Bath County. DEALP is designed to assist agri-entrepreneurs with the purchase, establishment or expansion of a business that sells agricultural products or services to farmers or consumers.
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