Indiana establishes small meat processors loan program – Brownfield Ag News

March 19, 2024 | by magnews24.com

News

Indiana establishes small meat processors loan program

The Indiana State Department of Agriculture Director says a new program will increase the state’s meat processing capacity.

Don Lamb says small facilities have struggled to keep up with demand since the pandemic and additional infrastructure investments will reduce current backlogs.

“The idea is that we’re able to help meat processors to improve their facilities or build a facility to expand our capability of processing meat here in Indiana,” he says. “If you look at beef, so much of our products come up from the South, they’re growing out here using good Indiana corn and then they go West to be processed.”

Lamb tells Brownfield the low-interest loans will make it easier for small and very small meat processors to secure capital.

The Indiana Meat and Poultry Intermediary Lending Program is a $15 million revolving loan program supported through USDA Rural Development.

Eligible businesses can receive loans up to $5 million with 3% interest rates or 2% interest for wastewater projects with terms up to 15 years.

Applications for funding will open on April 1st.

RELATED POSTS

View all

view all