USDA Announces Administration Actions and Investments to Create Fairer Markets
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U.S. Department of Agriculture (USDA) Secretary Tom Vilsack released a statement on March 6th that the Biden-Harris Administration is investing $89 million across the country to finance the startup and expansion of independent meat processors. The $89 million investment will go to support the Biden-Harris Administration’s Action Plan for a Fairer, More Competitive, and More Resilient Meat and Poultry Supply Chain, intended to expand independent processing capacity. Central to these efforts is the Meat and Poultry Intermediary Lending Program (MPILP) that makes financing available for independent processors, alleviate bottlenecks, and create opportunities for small businesses and entrepreneurs in rural communities. The investments are being made under the second round of the program. Last fall, USDA awarded $75 million in grants to eight nonprofit lenders in seven states under the first round of MPILP. USDA also announced initial steps the Department is taking to create a more competitive marketplace for seeds and other agricultural inputs.
Nonprofit lenders in seven states will use the funding to establish revolving loan funds to finance the startup, expansion and operation of meat and poultry processors. USDA is making the investments in Alabama, Georgia, Maine, Nebraska, North Dakota, Oklahoma, and South Dakota.
