(KWNO)-The United States Department of Agriculture (USDA) is providing the State of Minnesota with $15 million to establish a revolving loan program to support small and medium-sized meat and poultry processors. The revolving loan fund will be available through the Minnesota Department of Agriculture’s (MDA) Rural Finance Authority.
Governor Tim Walz said, “Local meat processing benefits farmers, our urban and rural economies, and consumers throughout the state.” “This loan program will help processors increase their capacity to better serve Minnesotans and ease supply chain disruptions we’ve witnessed over the past several years.”
The new fund will offer consumers low-interest loans for start-ups, expansions, or the operation of slaughter and meat and poultry processing. The loans can be used to purchase land or equipment, cover initial start-up costs, and make other business-related investments.
“We are grateful for this award from the USDA and look forward to its positive impact on the meat and poultry processing industry across Minnesota,” remarked MDA Commissioner Thom Petersen.
MFU President Gary Wertish further added that “Minnesota Farmers Union members have championed increased investment in small and medium-sized meat and poultry processors at the state and federal level for several years and are elated to see the establishment of a revolving loan program at Minnesota’s Rural Finance Authority.” “These funds will assist rural entrepreneurs in expanding their businesses, which is welcome news for livestock farmers.” “We are grateful to USDA for making this investment in a more resilient food system, and we are appreciative of the leadership of Gov. Walz and his administration as they pursued this funding to strengthen rural Minnesota’s economy.”
Applications will be available to those interested in applying for the funds in early 2023.
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