Agricultural Loans Approved In 16 Counties

The Kentucky Agricultural Finance Corporation approved 16 agricultural loans totaling $3,412,125 for projects across the state Friday.

According to the release, the corporation participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the Agricultural Infrastructure Loan Program. Eligible projects include permanent farm structures with attached equipment that improve the profitability of farming operations. Producers may be eligible for up to $250,000, not to exceed 50 percent of the project.

Three Agricultural Infrastructure loans totaling up to $595,000 were approved. Loan recipients were in:

Calloway County: $250,000
Graves County: $250,000
Warren County: $95,000

Agricultural Processing Loan Program is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing.

Agricultural processors may qualify for financing for:

The acquisition of equipment
The construction of new facilities
Renovation/expansion of existing facilities
Permanent working capital up to 50 percent of the project cost
Two Agricultural Processing loans totaling up to $430,000 were approved. Loan recipients were in:

Garrard County: $180,000
Hardin County: $250,000

Beginning Farmer 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 agricultural facilities
To secure permanent working capital
For the purchase of farm real estate
or to invest in a partnership or LLC

Eleven Beginning Farmer loans totaling up to $2,387,125 were approved. Loan recipients were in:

Barren County: $155,000 and $225,000
Boone County: $250,000
Breckenridge County: $250,000
Cumberland County: $112,625
Green County: $250,000
Harrison County: $250,000
Larue County: $250,000
Lincoln County: $250,000
Scott County: $250,000
Wayne County: $144,500

For more information on Kentucky Agricultural Finance Corporation participation loans, contact your lender or Bill McCloskey at the Kentucky Office of Agricultural Policy at (502) 382-6093 or email kafc@ky.gov.
Source: WBKO