The $10 million grant was the largest in LCD Group’s 54 year history. LCD Group recently closed on two projects, among them is a new butcher shop in Steele, ND, which is set to open in February.
According to Chris Masse, LCD Group’s loan officer who is overseeing the MPILP, the program is having its intended effect.
“We are receiving inquiries and moving forward in helping meat processors qualify for initial funding,” says Masse.
“Word is getting out among beef and poultry producers and meat processors that this program is available. Many are now realizing how the MPILP can meet the demand in rural communities for having locally-owned meat processing businesses.”
Masse welcomes all inquiries about the MPILP and wants to share the following basic information about the program.
What is the MPILP?
The Meat and Poultry Intermediary Lending Program (MPILP) was created in response to consolidation in the U.S. meat industry, which has, over the years – and most evidently during the COVID pandemic, adversely impacted beef and poultry producers and limited consumer choices in rural America.
The MPILP provides loans to expand existing meat processing businesses and build new operations throughout North Dakota, which is one of the top ten beef producing states in the nation.
Eligible Loan Uses for Initial MPILP Funding
- Must be for a meat or poultry processing facility
- Expansion and modernization of existing meat and poultry facilities
- Equipment, working capital, and startup cost
- Purchase of land, buildings, or infrastructure for public or private commercial use
Ineligible Uses for Initial MPILP Funding
- For non-beef or poultry agriculture
- Purchase of livestock, feed, seed, farming equipment
- For use by a grocery store or restaurant
- Production of alcohol, tobacco, or dietary supplements
MPILP Terms and Conditions
- Terms of loan will be determined based on project collateral
- Maximum is 30 years on mortgage
- Applicants must be located within North Dakota via legal description
“MPILP is designed to grow and open new butcher operations, which will help ranchers, hunters, consumers, and ultimately small towns throughout North Dakota. It is a game-changing loan program,” Masse added.
To learn more visit LCD Group online or contact Masse at (701) 667-7602 or at email@example.com.