This week, the administration made good on its promise and announced the release of more than $223 million in grants and loans to help small and mid-sized processing plants expand or come back online.
USDA Funds for Expanding Small and Medium-Sized Meat Packers
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This week, the administration made good on its promise and announced the release of more than $223 million in grants and loans to help small and mid-sized processing plants expand or come back online.
Consolidation can lead to concentration in an economic sector - see big producers of cars, soda pop and airlines. The meat packing industry has its own big four and the Biden Administration is trying to assist small and medium processors with getting a bigger piece of the market share. David Miller reports.
Transcript
President Joe Biden, United States: “I've said it before, and I'll say it again: capitalism without competition isn't capitalism. It's exploitation.” (date key January 2022)
In January, President Joe Biden announced the allocation of $1 billion in funds to advance expansion of small to medium-size meat packers and processors.
President Joe Biden, United States: "Strengthening competition is good for all of us. Farmers and ranchers deserve a fair shake. American families facing high prices at grocery stores deserve a fair price to put food on the table.”
This week, the administration made good on its promise and announced the release of more than $223 million in grants and loans to help small and mid-sized processing plants expand or come back online.
The move is part of USDA’s multi-pronged investment approach that will assist producer-focused business models to help farmers and ranchers build small-scale federally inspected packing facilities, give locally owned processing plants the ability to expand and provide funds to reopen shuttered plants bringing jobs and revenue to rural communities.
According to USDA, four meat-packing companies control 85 percent of the beef market, four processing firms control 54 percent of the poultry market and four processors control about 70 percent of the pork market.
For Market to Market, I’m David Miller.
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