FRANKFORT -- The Kentucky Agricultural Finance Corporation approved $1,278,625 in eight agricultural loans for projects in the commonwealth at its board meeting Friday.
One Agricultural Processing loan of $61,500 was approved for a recipient in Graves County. Agricultural Processing Loan Programs are designed to provide loan opportunities to companies and individuals in Kentucky interested in agricultural processing. KAFC will provide and/or participate in loans in Kentucky that add value to Kentucky grown agricultural commodities through further processing.
These loans may cover construction of a new facility and renovation/expansion of an existing facility. Projects less than $1 million in scope require a participating lender, while projects over $1 million may be direct loans with interest based on Wall Street Journal prime.
Seven Beginning Farmer loans, which totaled $1,217,125, were approved for recipients in Christian ($175,000), Graves ($250,000), Henderson ($211,000), LaRue ($202,750), Mercer ($40,375), Monroe ($88,000), and Wayne ($250,000) counties.
Beginning Farmer Loan Programs are 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 Sadie Middleton, loan programs manager, at (502) 782-1757 or visit the KAFC webpage at kafc.ky.gov.