Kentucky farm and agribusiness projects that raise farm income for multiple producers can seek KADF state and/or county funds for up to 50% of new capital and equipment costs (for-profits); the board may approve grants or loans.
The KADF Project Application is the general application for agricultural projects not covered by a specific KADF program. For-profit applicants may apply for funding of up to 50% of new project costs incurred after the application is received, limited to capital improvements and equipment and matched with cash; the guidelines note that projects approved for any type of loan require personal guarantees. Projects should be economically viable, become self-sustaining and significantly affect farm income for multiple producers. Applications received by the last Friday of each month go to the board at the next monthly meeting. Amount not published.
For-profit applicants may apply for funding up to 50% of new project costs incurred after the application is received; eligible expenses are limited to capital improvements and equipment.
Match must be new project expenses for capital improvements and equipment paid in cash; in-kind products, services and labor are not eligible match.
Projects are expected to positively affect the economic status of farmers, be commercially viable and self-sustaining, and impact farm income for multiple producers.
The entity must formally exist and be registered with the Secretary of State.
Projects approved for any type of loan require personal guarantees from the project principals.
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