Region XII Council of Governments, with the assistance of the USDA, has established the Iowa Meat & Poultry Loan Fund to facilitate financing for the start-up, expansion, and operation of entities engaged in primary processing (slaughter) or further processing of meat and poultry.
SUPPORTING CREATION AND EXPANSION OF MEAT AND POULTRY PROCESSING AMONG IOWA’S SMALL AND MEDIUM-SIZED PROCESSORS
Region XII COG was one of eight entities initially selected nationally by USDA to deliver this new program. Processors anywhere in the State of Iowa are eligible to apply as long as they are not owned by one of the top four processors for the species they process.
Minimum and Maximum Loan Amounts
The minimum loan amount is $500,000 and the maximum loan amount is $10,000,000. Loans are anticipated to be subordinate to bank financing, however, bank participation is not required.
Terms / Rates / Fees
The interest rate will be fixed at 50% of prime at the time of loan, up to 10 years. Longer terms will be considered for construction projects. Each loan has a 3% closing fee.
Purposes
Loan proceeds may be used for: - Land - Building - Machinery and equipment - Fixed assets - Start-up costs - Working capital
Applicants can be for-profit enterprises, not-for-profit corporations, cooperatives, or community organizations.
To qualify for the Iowa Meat & Poultry Loan Fund, the recipient must process or propose to process meat or poultry in the State of Iowa.
Loan applications are reviewed monthly by a committee of eight business and development leaders throughout the State of Iowa. Borrowers are required to meet investment, slaughter, and job creation criteria. All projects will be subject to a USDA environmental review, and must either conform to USDA Inspection regulations or be custom exempt.
Contact: Scott Steffen, Loan Officer / Region XII Council of Governments 1009 E Anthony St. PO Box 768, Carroll, IA 51401 [email protected]| 712-792-9914 | https://www.region12cog.org This institution is an equal opportunity provider, employer and lender.
