LINCOLN, NEB. (April 27, 2005)--The Nebraska Department of Economic Development will provide $505,000 in Community Development Block Grant (CDBG) funding to the city of Fremont to help Fremont Beef Co. expand beef packing operations and focus on the production and packaging of a variety of products, Gov. Dave Heineman announced today.
The expansion project is expected to create 75 new full-time jobs.
"We're excited that Fremont Beef Co. is expanding and broadening their products to appeal to a wider range of new consumers in the U.S., as well as exploring new international markets," said Richard Baier, director of the Nebraska Department of Economic Development. "When a project like this also stimulates significant new job creation, it represents a win-win for everyone."
The city of Fremont will loan the company $500,000 to purchase equipment used in the meat packaging and boxing process. The remaining $5,000 will be available to Fremont for administrative- related expenses. An additional $4.9 million from Fremont Beef Co., and US Bank in Fremont will go toward the purchase of equipment and working capital.
Fremont Beef Co. began processing and exporting top quality beef products in 1990 to Asia's Pacific Rim region, and has established itself as a leader in processing fresh beef products in the U.S. and exporting them abroad.
In 1995, state-of-the-art equipment was installed, allowing the company to vacuum pack liver products under the "Golden Forest" label. The company's expansion will allow it to contract with co- packaging companies to process case-ready beef products for sale in retail stores. The company also is initiating the processing of sliced beef for export to Mexico.
Project funding is from a program administered by the Nebraska Department of Economic Development that assists with the development of businesses and communities. Federal funds are made available to Nebraska from the U.S. Department of Housing and Urban Development's CDBG program.
FOR INFORMATION, CONTACT:
Courtney Dunbar at 402-595-1198, or