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Loans available for Minnesota meat and poultry processors

Small and medium-sized meat and poultry processors in Minnesota can apply for loans through the state’s Rural Finance Authority.

The program supports the startup, expansion, or operation of slaughter and value-added processing.

Minnesota Department of Agriculture Commissioner Thom Petersen says investing in local processors is an investment in Minnesota’s economy and communities.

USDA Rural Development State Director Colleen Landkamer says USDA will continue to work towards giving farmers and ranchers a fair chance to compete in a global marketplace and help lower food costs for Americans.

Loans of up to $7 million will be available at a 3 percent fixed interest rate with a term up to 10 years.