INDIANAPOLIS — The Indiana State Department of Agriculture (ISDA) announced a first-of-its-kind loan program for small and very small meat and poultry processors in the state of Indiana.

The Indiana Meat and Poultry Intermediary Lending Program (MPILP) is a $15-million revolving loan program that assists state processors in expanding their operations.

The funding was made available through the US Department of Agriculture Rural Development Meat and Poultry Processing Expansion Program.

“This loan program is a first of its kind for our Indiana State Department of Agriculture, and I am excited to support them in this unique opportunity for Hoosier agribusinesses,” said Suzanne Crouch, Indiana’s secretary of agriculture and rural development. “We know that more and more Hoosiers are shopping local for meat products, and our small meat processors are struggling to keep up with demand. Additionally, some traditional business loans can be hard to secure for this industry, so this low interest loan program will go a long way in ensuring our local meat processors can expand and Hoosier customers get the products they are seeking.”

Meat expansion projects would benefit the local community and state by adding jobs and tax revenues. ISDA noted that the program also supports livestock producers with available local processing that helps prevent delays.

Eligible applicants include small meat and poultry processors looking to expand as well as entrepreneurs looking to start a new facility. Expenses covered could include new equipment, infrastructure, technology, start-up costs, packaging and labeling improvements, and pollution control, among others.

The Indiana MPILP offers 3% interest rates for scalable loans from $100,000 up to $5 million, 2% interest rates for wastewater projects, and up to 15-year loan terms.

Applications for the program will be accepted beginning April 1.