CHICAGO—The U.S. Department of Agriculture will direct $73 million in grants to small- and medium-sized meat and poultry processors to expand their capacity and deliver more funds through lending programs, Secretary Tom Vilsack said on Wednesday.
The money aims to increase competition and stability in the meat industry as part of a broader effort by the Biden administration to boost competition in the U.S. economy and rein in soaring inflation.
The COVID-19 pandemic revealed cracks in the industry as outbreaks temporarily shut massive slaughterhouses early in 2020, pushing up meat prices. Some farmers had to cull livestock that could not be processed due to the closures….