Following in-house recommendations, members of the Pennyrile Area Development District Monday afternoon voted unanimously in favor of offering a $200,000 revolving loan at 4.5% over five years to Better for Butchery, Inc., in Princeton.
Formed last June in Caldwell County and owned by Christopher Roach, the newly-formed entity has already acquired and is operating the USDA meat processing plant formerly known as Porter Road Meats, which according to multiple reports filed Chapter 11 bankruptcy last March.
Amy Frogue, PeADD’s director for community & economic development, said the loan request will provide working capital and allow for “operational ramp-up,” which will include:
+ Acquiring real estate and equipment
+ Stabilizing and growing operations
+ And creating/maintaining 55 jobs in Caldwell County, while allowing future growth
Frogue said Roach and associates have filed a $3.5 million project plan, and already have primary financing from Community Ventures Corporation through the USDA Meat and Poultry Intermediary Lending Program valued at $2.5 million.
She noted the conversation has been ongoing for weeks.
According to online reports from Nashville Scene, Porter Road Butcher — a Nashville-based company known for its commitment to ethically sourced, whole-animal butchery — filed for the Chapter 11 bankruptcy protection in the Middle District of Tennessee.
Founded in 2011 by Chris Carter and James Peisker, the company built a strong reputation among customers and food industry observers for working directly with farmers and emphasizing transparency in meat production, and its processing facility in Princeton has provided economic impact in an area with higher-than-average poverty rates.
According to court filings, the company reported liabilities between $1 million and $10 million, with assets ranging from $500,000 to $1 million. Its largest debts exceed $5 million.
Despite the filing, Porter Road remained operational, with online orders continuing and employees and suppliers still at work.
This past January, USDA Rural Director of State Development Travis Burton presented Better for Butchery in Princeton with the $2.5 million loan.
WEBSITE: Better For Butchery — The Infrastructure Behind America’s Best Craft Butcheries
