Preheat oven to 350. In large skillet, heat oil over med-high. Cook bacon, stirring til almost crisp, about 4 minute Add onion and bell pepper; season with salt and pepper and cook til veggies are soft, about 3 minute Add garlic and cook 1 minute. Transfer to large bowl, add evaporated milk and let cool.
Add turkey, 1/2 t salt, 1/4 t pepper and 2 T chili sauce or ketchup and stir well to combine. Transfer to 5x9 loaf pan and smooth top. Spread remaining chili sauce over top. Bake til cooked through, about 1 hour and 10 minute (Thermometer should read 165). Let cool in pan 20 minute.