Minnesota farmers running small and medium-sized meat and poultry processing operations are about to have access to a new loan fund that could help their long-term business.
Here’s Five Fast Facts About the New Ag Loan Program:
- 🐄 Holy Cow! - The United States Department of Agriculture has given the state $15M to fund a revolving loan program. That’s no bull!
- 🐔 Cluck It! - Eligible owners will have access to low-interest loans for the startup, expansion, or operation of slaughter and value-added meat and poultry processing.
- 🐮Mystery Meat - The program offers loans of up to $10M at a 3% fixed interest rate, as long as they’re used to purchase land or equipment, cover startup costs, or make other business investments. Returned funds will be available to new borrowers. That’s not just chicken scratch.
- 🍗 White Meat - Gov. Walz says the program will help increase capacity and fix those nasty supply chain problems we’re still dealing with two years after the stupid pandemic.
- 🐓 Dark Meat - USDA is offering a total of $200M nationwide through two rounds. Applications open in early 2023.
🔥Bottom line: It’s been a tough few years for the agriculture industry. These funds are exactly what processing operations need to keep moving and to elevate their individual capacities. Expect to see lots more beef and bird in 2023l
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