RENO, Nev. — Greater Commercial Lending (GCL), which provides government-guaranteed loans to businesses and organizations in under-served and rural communities, has completed $36.7 million in financing for Pure Prairie Poultry in Charles City, Iowa.
The loan package, guaranteed by the U.S. Department of Agriculture (USDA) through the Food Supply Chain Guaranteed Loan Program, will help Pure Prairie Poultry renovate and expand its existing poultry processing plant and purchase additional equipment to ramp up operations to full capacity.
With the government-guaranteed financing, Pure Prairie Poultry will be able to strengthen supply chain resiliency, advance production and restore a market for regional farmers while increasing regional jobs.
“USDA-guaranteed loans are a vital tool in building stronger rural communities and enhancing critical supply chains,” said Jeremy Gilpin, executive vice president of GCL, one of the largest providers of USDA loans. “GCL remains dedicated to facilitating access to affordable financing for organizations in rural areas. These loans help bolster local economies and create jobs, while also improving access to essential goods and services for consumers across the country.”
Pure Prairie Poultry delivers premium quality chicken products raised in cooperation with family farmer partners in Iowa, Minnesota and Wisconsin, using strict animal welfare standards. Chickens are fed a vegetarian diet with no animal byproducts, and without the use of antibiotics. Products are air-chilled, highly trimmed and contain no added ingredients.
At full capacity, Pure Prairie Poultry will have a network of over 75 barns located within a 250-mile radius of the plant in order to provide locally sourced birds for distribution in the region. The plant will bring more than 520 jobs to the surrounding communities.
About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit organization that brings together banks, credit unions and other lenders to provide U.S. government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms. GCL’s network of lenders includes nearly 200 banks, credit unions and other financial institutions.