(ADAI/MONTGOMERY, AL/March 17, 2023) — The United States Department of Agriculture (USDA) awarded $15 million to the lender Alabama Agricultural Development Authority (AADA) to support meat and poultry slaughter and processing businesses in Alabama. The USDA Meat and Poultry Intermediary Lending Program (MPILP) is awarded to the lender, AADA, in the form of a grant. Businesses engaged in the processing of meat or poultry can apply for a loan from AADA as an ultimate recipient. Loans can be used to purchase or construct new facilities, expand existing facilities, purchase new equipment and cover start-up costs.
AADA’s mission for the USDA-MPILP is to boost rural economic development by financing small business owners who are expanding or starting a slaughter or processing facility within Alabama. AADA’s end goal of the MPILP is to facilitate the start-up and expansion of small and medium sized slaughter and processing plants.
“This will positively impact everyone within the food supply chain from the farmer to the slaughter and processing facility to the consumer,” says Commissioner of Agriculture and Industries, Rick Pate. “We are excited and honored to be one of the few recipients by USDA.”
AADA was established in 1980 by the Alabama Legislature to promote agriculture and to finance agricultural businesses in Alabama. Commissioner Pate serves as chairman of the board, which governs AADA. Currently, the MPILP loan program is being administered by AADA and is in the process of being setup. MPILP loan applications are anticipated to open for acceptance in June 2023.
For more information and updates, visit the https://agi.alabama.gov/mpilp/. Please email any questions to email@example.com or contact Hassey Brooks at 334-240-3877.
Alabama Dept. of Agriculture & Industries