The Alabama Agricultural Development Authority (AADA) is accepting loan applications under the Alabama Meat Processing Program (AMPP). This program is a result of a $15 million award from the United States Department of Agriculture (USDA) through the Meat and Poultry Intermediary Lending Program (MPILP) to the AADA. Applications for Phase I are open now and will close September 14, 2023.
The low interest loans are intended to support meat and poultry slaughter and processing businesses in Alabama. Loans can be used to purchase or construct new facilities, expand existing facilities, purchase new equipment, cover start-up costs and hire additional employees.
AADA’s mission for the AMPP is to expand opportunities for Alabama’s meat producers to market their products more profitable and accessible. It will also boost Alabama’s rural economy by financing small business owners who want to expand or start a slaughter or processing facility.
“I want to encourage business owners who are currently engaged in or thinking of starting to process meat (cattle, swine or poultry) to apply for this beneficial program,” said Commissioner of Agriculture and Industries Rick Pate.
Funds will be allocated until the $15 million is loaned out or the deadline of March 1, 2026, which ever occurs first.
AADA was established in 1980 by the Alabama Legislature to promote agriculture and to finance agricultural businesses in the state.
Source : alabama.gov