USDA on Monday announced plans to allocate $100 million in loan guarantees to expand meat and poultry processing capacity and finance other food supply chain infrastructure.
“Through this program, USDA will use $100 million in funding from the American Rescue Plan Act to catalyze millions more in lending available for working capital, facilities, equipment, and other investments,” USDA said in a press release. “The loan guarantees will help to start-up or expand entities in our food supply chain that aggregate, process, manufacture, wholesale, or distribute food; address supply chain bottlenecks; and increase the resiliency of the food supply chain.”
USDA is preparing to issue a notice soon to announce eligibility requirements and the application window.
The loan guarantee program follows up on a recently announced $500 million program for USDA to directly invest in expanding meat and poultry processing capacity.
