Aid bolsters beef and poultry beginning farmers across the commonwealth

LOUISVILLE (Nov. 12, 2021) – The Kentucky Agricultural Finance Corporation (KAFC) approved $911,250 for five agricultural loans for projects across the commonwealth at its monthly board meeting.

Agricultural Processing Loan Program (APLP)

An Agricultural Processing loan totaling $250,000 was approved for an operation in Anderson County.APLP 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 acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50 percent of the project cost.

Beginning Farmer Loan Program (BFLP)

Beginning Farmer loans totaling $661,250 were approved for recipients in Bourbon ($150,000), Marion ($131,250), Marshall ($250,000), and Mercer ($130,000) counties. BFLP 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.

For more information on the programs offered by the KAFC, contact Ali Hulett, loan programs manager, at 502-782-1760 or email kafc@ky.gov.