USDA to launch loan guarantee initiative to create more and better market opportunities, promote competition and strengthen America’s food supply chain

WASHINGTON, D.C., Oct. 4, 2021 – As part of the Administration’s efforts to address food systems challenges arising from the pandemic as well as those going back decades, United States Department of Agriculture (USDA) Secretary Tom Vilsack today announced that USDA plans for another $100 million in funding from the American Rescue Plan Act. The funding would leverage hundreds of millions more in lending through community and private sector lenders to expand meat and poultry processing capacity and finance other food supply chain infrastructure. These investments will help deliver more opportunities and fairer prices for farmers and address bottlenecks in the food supply chain revealed and exacerbated by the pandemic.

The Department plans to publish specific details on the new program and how to apply as part of USDA’s Build Back Better Initiative, a comprehensive plan to invest $4 billion to strengthen the resiliency of America’s food supply chain while promoting competition. This announcement follows the Biden-Harris Administration’s announcement earlier this month of steps it is taking to address concentration in the meat-processing industry, adding a new commitment of $100 million for loan guarantees on top of the previously announced $500 million investment to expand meat and poultry processing capacity.

Click here to view the original article from the U.S. Department of Agriculture.