The $15 million dollar fund will offer low-interest loans for the start-up, expansion, or operation of slaughter and value-added meat and poultry processing. Loans of up to $10 million will be available at a 3% fixed interest rate with a term of up to 10 years. Funds can be used to purchase land or equipment, cover start-up costs, and make other business investments.
The loan program is being administered by the Rural Finance Authority and is in process of being set up. The department hopes to have funds available to lend by the end of the first quarter of 2023. Check back for updates.