The U.S. Department of Agriculture announced today it is deploying $100 million under the new Food Supply Chain Guaranteed Loan Program to make nearly $1 billion in loan guarantees. The funding is available through the American Rescue Plan Act.
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. USDA Rural Development will administer the loans.
USDA is accepting electronic applications from lenders through the Food Supply Chain Online Application System until funds are expended. Paper applications will not be accepted.