MassDevelopment and BayCoast Bank Partner to Finance Westport Livestock Processing Facility
April 18, 2018
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Gena Mavuli, The Livestock Institute, 774-319-5616
Betty-Ann Mullins, BayCoast Bank, 508-675-4473 & 508-951-8405 (cell)
MassDevelopment has partnered with BayCoast Bank to provide The Livestock Institute of Southern New England Inc. (TLI), a Westport nonprofit that supports the livestock industry, with loan financing to build a state-of-the-art, USDA-inspected slaughterhouse and processing facility called Meatworks in Westport. BayCoast Bank provided a $5,050,000 construction loan, while MassDevelopment provided a $500,000 commercial real estate loan, and enhanced the financing with a guarantee. Meatworks will serve southeastern Massachusetts, Rhode Island, and eastern Connecticut, and will include a retail store to foster direct sales from local producers and increase access to locally-raised meat.
“The Livestock Institute provides the livestock industry with a trove of resources to train, educate, and support workers, small businesses, and farmers in the New England agricultural sector,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to support this project, which will promote best practices in the livestock industry and create an estimated 20 new jobs in Westport.”
“BayCoast Bank is proud to partner with TLI on this important project which helps support and promote an agricultural-related industry in Westport. Economic development projects like this help the South Coast region grow its farm economy and helps further develop the area's livestock industry,” said Betty-Ann Mullins, Senior Vice President of BayCoast Bank.
TLI’s mission is to revitalize and strengthen livestock farming in southern New England by providing resources to livestock farmers and the community. TLI offers education and training regarding humane and safe animal handling, slaughtering, and meat processing techniques; resources and information about economic and agricultural development; job training for workers in small-scale, multi-species slaughterhouses and butchery; and producing educational workshops, publications, and materials.
BayCoast Bank is mutually-owned, serving the needs of consumers, businesses, non-profits and municipalities through 18 branches and three loan offices throughout southeastern MA and RI. Additional services are offered through the bank’s affiliates: BayCoast Financial Services, Plimoth Investment Advisors, Partners Insurance Group, LLC, BayCoast Mortgage Company, LLC, and Priority Funding LLC. Nicholas Christ is the Bank’s President and Chief Executive Officer. Visit www.BayCoastBank.com.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.