February 5, 2010

Northern Beef Packers receives state loan

South Dakota will give Northern Beef Packers a US$5 million state loan, according to state Governor Mike Rounds.

Rounds said Northern Beef Packers still has to get conventional financing to build its beef plant, which would cost an estimated US$120 million. The plant is expected to employ more than 550 people and process 1,500 head of cattle per day.

Northern Beef Packers reportedly told the governor that the company expects to complete financing in the next three months and could begin operating by year's end.
 

The company has run into repeated financial problems, causing constant delays in the construction of its beef plant.