Maine meat processors to benefit from $8M federal grant
Courtesy / Maine Coast Heritage Trust
Grants from the Meat and Poultry Intermediary Lending Program are used to support intermediary lenders that are financing or plan to finance meat or poultry processors. Shown here is Aldermere Farm in Rockport, which boasts the oldest continuously operated herd of Belted Galloway cattle in the U.S.
Independent meat processors in New England and New York will get a boost from $8 million in federal financing.
The grants come from a meat and poultry lending program operated by the U.S. Department of Agriculture and the money will be used to capitalize a revolving loan fund and help livestock and poultry processors get access to capital and technical assistance to increase meat processing capacity, according to a March 6 announcement about grant recipients and their projects.
Grants from the Meat and Poultry Intermediary Lending Program are used to support intermediary lenders who are financing or plan to finance expanding or current slaughterhouses or other meat or poultry processors. Helping expand independent meat processors is a critical part of that vision, as only 50 beef slaughter plants process almost all domestic cattle, and they’re “owned by just a handful of companies,” according to a federal fact sheet.
The funding will be administered through Coastal Enterprises Inc., a Brunswick-based nonprofit community development fund.
“Coastal Enterprises will continue to leverage its decades of food-focused lending to help build a vibrant and resilient future for meat and poultry processors,” the announcement said.
Lenders can use the funds to finance the purchase of land; new buildings or renovations; improve equipment; refinance debt; manage waste and control pollution, among other uses outlined by the agency.
The program is part of the Biden Administration’s plan to make the domestic food supply chain more competitive and resilient. The $8 million grant is part of a larger $89 million investment by federal agriculture officials to bolster independent meat processor financing. Businesses that receive financing must comply with USDA food safety and inspection requirements or have an exemption. Grants can be as high as $15 million and as low as $500,000.
Coastal Enterprises has recently helped provide financing and funding for companies that include mushroom cultivation company Maine Cap N' Stem and Ocean Renewable Power Co., a Portland tidal energy developer. The nonprofit “will work intentionally” with historically marginalized and under-resourced processors, according to the USDA’s news release.
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