The Kentucky Agricultural Finance Corporation recently approved loans for several neighboring and nearby counties in the Lake Cumberland area.
Loans approved include $250,000 for the Agricultural Infrastructure Loan Program in Adair County and $250,000 for the Beginning Farmer Loan Program in both Clinton County and Green County.
In Adair County’s case, KAFC participates with lenders to provide financing to producers making capital expenditures for agricultural projects through the loan program. Eligible projects include permanent farm structures with attached equipment that improves the profitability of farming operations. Producers may be eligible for up to $250,000 not to exceed 50 percent of the project.
In Clinton and Green County, the 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.
Nearly $5 million in 22 agricultural loans for projects across the state was approved at the most recent Kentucky Agricultural Finance Corporation board meeting.