Hundreds of cattle producers and marketers, through no fault of their own, have been financially harmed by Eastern’s bankruptcy.
As the largest and oldest national trade association representing U.S. cattle producers, the National Cattlemen's Beef Association (NCBA) is committed to representing and protecting the interests of cattle producers across the country. That's why NCBA sent letters to the USDA and U.S. Small Business Administration (SBA) seeking financial assistance for cattle producers affected by the bankruptcy of Eastern Livestock Company, LLC (Eastern).
On or around Nov. 3, 2010, Eastern, a company based in New Albany, IN, that bought and sold cattle in 11 states across the Mid-South, Midwest, and West, began issuing unfunded checks to cattle producers and livestock market operators. According to USDA's Grain, Inspection, Packers and Stockyards Administration (GIPSA), Eastern owes more than $130 million to 743 sellers in 30 states.
Specifically, NCBA requested USDA provide emergency access to short-term, low interest and/or government-backed loan programs. Additionally, NCBA requested a list of SBA loan programs that may help producers finance their family farms and market operations.
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