Indiana Offers $15 Million in Low-Interest Loans for Small Meat Processors

By Andi Anderson

Indiana's Lt. Gov. Suzanne Crouch, in collaboration with the Indiana State Department of Agriculture (ISDA), has announced a groundbreaking initiative to support small and very small meat processors. The Indiana Meat and Poultry Intermediary Lending Program (MPILP) will offer $15 million in low-interest loans to address the pressing need for funding in this vital sector.

Recognizing the surge in demand for locally sourced meat products and the challenges faced by small processors in meeting this demand, Lt. Gov. Crouch expressed enthusiasm for the program's potential to bolster Hoosier agribusinesses. She emphasized the importance of ensuring local meat processors can expand efficiently to meet consumer needs.

The MPILP aims to alleviate financing hurdles commonly faced by meat processors, especially in the wake of the COVID-19 pandemic. By providing affordable capital for meat expansion projects, the program facilitates the processing of market-ready livestock within local communities, reducing delays and supporting livestock producers.

Managed in partnership with the Indiana Economic Development Corporation (IEDC) and the Indiana Small Business Development Centers (ISBDC), the MPILP offers favorable loan terms, including low-interest rates and extended repayment periods. Eligible expenses encompass a wide range of projects, from equipment upgrades to pollution control measures.

Don Lamb, ISDA director, expressed excitement about the program's potential to address funding gaps in the agribusiness sector. He highlighted the importance of collaboration with local partners to ensure the success of Hoosier businesses.

With applications opening on April 1, 2024, the Indiana Meat and Poultry Intermediary Lending Program represents a significant opportunity for small meat processors and entrepreneurs in the state. For more information and assistance with applications, interested parties can contact David Coates at dcoates@isda.in.gov.

Funded through the USDA Rural Development Meat and Poultry Processing Expansion Program, this initiative underscores Indiana's commitment to strengthening the food supply chain, supporting local economies, and creating job opportunities in rural areas.

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