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Banking panel clears way for $30M loan to Northern Beef

Published 06/30/2010, Republic Capitol Bureau

PIERRE — The South Dakota Banking Commission decided Tuesday that a small group of secret investors doesn’t need a state lending license to make a short-term $30 million construction loan to Northern Beef Packers to complete and start operating a new plant at Aberdeen.
The loan was described during the 15-minute hearing as the last major piece in reviving the stalled project, which is a key component in Gov. Mike Rounds’ South Dakota Certified program for raising, butchering and marketing quality beef that can be specifically tracked from the pasture to the feed lot to the table.

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