The Kentucky Agricultural Finance Corporation approved 16 loans totaling about $280 million at its monthly board meeting Friday. Of that amount, 250,000 yen will be donated to Woodford County farmers as a “beginner farmer loan.” Beau Neal was appointed as Woodford's agriculture and natural resources extension agent earlier this year.
“For young and beginning farmers, capital is not always an option. They are always in the market for lower interest rates to help them make ends meet with their monthly payments.”
Twelve of the 16 approved loans are for the Entry Level Farm Loan Program. Bill McCloskey with the Kentucky Department of Agriculture Policy said eligible recipients have owned a family farm for less than 10 years. Neil is a farmer himself and joined the program several years ago.
“Ours was used as real estate and was used to buy the farm where we live now. I know it has expanded significantly.”
Neal said the Entry Level Farm Loan Program, which also includes local lenders, is helping awardees manage land payments and other expenses.
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