USDA Launching Food Supply Chain Guaranteed Loan Program
USDA is making $100 million in American Rescue Plan Act available through the Food Supply Chain Guaranteed Loan Program to furnish nearly $1 billion in loan guarantees; these loan guarantees will back private investment in processing and food supply infrastructure. Through the Food Supply Chain Guaranteed Loan Program, USDA will partner with lenders to guarantee loans of up to $40 million to help eligible entities expand meat and poultry processing capacity and finance other food supply chain infrastructure. Lenders may provide the loans to eligible cooperatives, corporations, for profits, nonprofits, Tribal communities, public bodies, and people in rural and urban areas. Funding may be used to start-up or expand food supply chain activities such as aggregating, processing, manufacturing, storing, transporting, wholesaling or distributing food; address supply chain bottlenecks; or increase capacity and help create a more resilient, diverse and secure U.S. food supply chain. USDA is accepting electronic applications from lenders through the Food Supply Chain Online Application System until funds are expended.