Michael Dykes, D.V.M., President and CEO of the International Dairy Foods Association, released the following statement today on the Recourse Loan Program for Commercial Processors of Dairy Products in the HEROES Act legislation as proposed this week by the House of Representatives:
“IDFA and our members are grateful for the inclusion of a dairy recourse loan program in the HEROES Act coronavirus relief legislation that is being considered by the House of Representatives this week. The dairy recourse loan program included in the bill would provide USDA with $500 million to make working capital loans to dairy processors, packagers, merchants, marketers, wholesalers and distributors who are forced to carry heavier inventories and cope with growing accounts receivable burdens as customers defer deliveries and payments due to the demand destruction caused by the coronavirus. A dairy recourse loan made available to all links in the dairy supply chain would ensure that the industry has access to the working capital it needs to operate until the foodservice sector resumes a more normal pattern of business.”
The International Dairy Foods Association (IDFA), Washington, D.C., represents the nation’s dairy manufacturing and marketing industry, which supports more than 3 million jobs that generate $159 billion in wages and $620 billion in overall economic impact. IDFA’s diverse membership ranges from multinational organizations to single-plant companies, from dairy companies and cooperatives to food retailers and suppliers, all on the cutting edge of innovation and sustainable business practices. Together, they represent 90 percent of the milk, cheese, ice cream, yogurt and cultured products, and dairy ingredients produced and marketed in the United States and sold throughout the world. Delicious, safe and nutritious, dairy foods offer unparalleled health and consumer benefits to people of all ages.