Indiana Launches $15 Million Loan Program for Meat Processors

By Andi Anderson

Indiana's Secretary of Agriculture and Rural Development, Lt. Gov. Suzanne Crouch, together with the Indiana State Department of Agriculture (ISDA), have unveiled a new opportunity for small and very small meat processors in need of financial support. They can now apply for loans through ISDA, with $15 million available for this purpose.

This initiative, known as the Indiana Meat and Poultry Intermediary Lending Program (MPILP), aims to provide affordable capital to meat packers and processors in Indiana. These funds will help address the pressing needs for meat expansion projects, particularly exacerbated by challenges arising from the COVID-19 pandemic.

The program is expected to benefit local livestock producers by enabling them to process their livestock locally, reducing delays in processing. Moreover, it will create job opportunities and generate tax revenues for local communities and the state.

The loan terms are designed to be favorable, with interest rates as low as 3% for loans ranging from $100,000 up to $5 million. Additionally, there are special rates of 2% for wastewater projects, with loan terms extending up to 15 years.

Eligible expenses covered by the loan include equipment upgrades, facility construction or expansion, start-up costs, meeting federal or state standards, packaging and labeling enhancements, and pollution control measures such as wastewater management.

Applications for the Indiana Meat and Poultry Intermediary Lending Program will be accepted starting from April 1, 2024. For further details and inquiries, interested parties can reach out to David Coates at dcoates@isda.in.gov.

This funding, made available through the USDA Rural Development Meat and Poultry Processing Expansion Program, aims to boost meat and poultry processing capacity, foster competition, support producer income, and strengthen the food supply chain. Ultimately, it seeks to lower costs for families, create jobs, and stimulate economic growth in rural areas.

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