Nearly $3M in agricultural loans approved across Kentucky

The Kentucky Agricultural Finance Corp. approved 16 agricultural loans totaling $2,977,295 at its monthly board meeting, offering financial support for projects that benefit beef, forage, poultry, and grain producers statewide.

Officials approved the loans on March 13, including funding through several state agricultural loan programs, according to a news release from the Kentucky Agricultural Finance Corp.

Through the Agricultural Infrastructure Loan Program, the board approved four loans totaling up to $712,000. Recipients include projects in Caldwell County ($250,000), Grayson County ($250,000), McLean County ($62,000), and Shelby County ($150,000).

The program works with commercial lenders to fund capital improvements for farm operations. Eligible projects include permanent farm structures with attached equipment aimed at boosting profitability. Producers can qualify for loans of up to $250,000, covering as much as 50 percent of a project, the release stated.

Officials approved ten loans totaling up to $1,765,295 through the Beginning Farmer Loan Program. Recipients included Anderson County ($250,000); Caldwell County ($250,000 and $250,000); Hardin County ($152,500); Harrison County ($161,045); Laurel County ($158,000); Metcalfe County ($62,500); Monroe County ($250,000); Rockcastle County ($23,750); and Wayne County ($207,500), according to the release.

The program helps individuals with some farming experience develop, expand, or buy into a farming operation. According to the release, funding can be used to purchase livestock, equipment, or agricultural facilities, secure working capital, acquire farm real estate, or invest in a partnership or limited liability company.

Officials also approved one loan totaling $250,000 in Estill County through the Diversification through Entrepreneurship in Agribusiness Program, which supports businesses that provide agricultural products or services to farmers or consumers, according to the release.

Officials approved another $250,000 loan in Rockcastle County through the Large/Food Animal Veterinary Loan Program. According to the release, the program helps licensed veterinarians build, expand, equip, or buy into practices that serve large animal producers, including goat, sheep, swine, and other food animals.