Senator John Hoeven, ranking member of the Senate Agriculture Appropriations Committee, has announced significant financial awards from the U.S. Department of Agriculture (USDA) to bolster meat processing capacity in North Dakota. These funds will be utilized to establish revolving loan funds, enabling meat and poultry processors to secure low-interest financing for expanding their operations.
The awards, made possible by Hoeven's successful advocacy during the annual appropriations legislation in December 2020, aim to enhance market opportunities for ranchers and promote healthy competition within the cattle and meat processing industry.
The three organizations that received awards are:
• Oyate Community Development Corporation in Fort Yates, which received $15 million.
• Rural Development Finance Corporation in Bismarck, which received $10 million.
• Farmers Union Foundation, which received $834,000.
The Farmers Union Foundation's grant will benefit meat processors in North Dakota, Minnesota, Montana, South Dakota, and Wisconsin.
Senator Hoeven emphasized the positive impact of revolving loan programs, aiming to promote rancher marketing and competition in the cattle and meat processing sector, benefiting both livestock producers and consumers.
With increased access to affordable financing, meat processors in North Dakota are poised for expansion, leading to a stronger and more resilient industry. These initiatives align with the commitment to support local agriculture and ensure a robust supply chain for high-quality meats.
Photo Credit: istock-apichsn
Categories: North Dakota, Livestock