Assisting Diverse Small Farms and Non-Profits Under Kentucky’s Soar Program

In October 2023, Kentucky Highlands Investment Corporation (KHIC) was awarded a $50,000 grant from Appalachian Community Capital  to further support the SOAR ((Shaping Our Appalachian Region) Small Farm Loan Fund. The focus of the award is to increase  emphasis on providing resources to woman-owned and minority-owned farmers through dedicated technical assistance and financing to support their ventures. Of the grant amount, a total of $45,000 was to be used for lending and $5,000 was designated for KHIC to bring our technical assistance resources to agricultural borrowers. KHIC made seven loans. Six of these were to women-owned businesses/farmers and one was with a non-profit supporting persons of color heritage and programs. The loan amounts were up to $7,500 at a fixed interest rate of 1% for a term of five years. Each of the loans was in a different KY  county, illustrating the widespread need for this type of financing

June 2024