Take Advantage Of $100 Million for Meat and Poultry Processing and Food Supply Chain Facilities
WASHINGTON, D.C., Oct. 4, 2021– As part of the Administration’s efforts to resolve food systems challenges occurring from the pandemic in addition to those returning years, United States Department of Farming (USDA) Secretary Tom Vilsack today revealed that USDA prepare for another $100 million in financing from the American Rescue Strategy Act. The financing would take advantage of numerous millions more in providing through neighborhood and economic sector lending institutions to broaden meat and poultry processing capability and financing other food supply chain facilities. These financial investments will assist provide more chances and fairer costs for farmers and address traffic jams in the food supply chain exposed and intensified by the pandemic.
The Department prepares to release particular information on the brand-new program and how to use as part of USDA’s Build Back Better Effort, a thorough strategy to invest $4 billion to enhance the resiliency of America’s food supply chain while promoting competitors. This statement follows the Biden-Harris Administration’s statement previously this month of actions it is requiring to resolve concentration in the meat-processing market, including a brand-new dedication of $100 million for loan assurances on top of the formerly revealed $500 million financial investment to broaden meat and poultry processing capability.
” Under the management of President Biden and Vice President Harris, USDA is moving the balance of power back to the neighborhoods and small companies of America by purchasing methods we can construct more, much better and fairer markets for farmers and households alike,” Vilsack stated.” COVID-19 exposed vulnerabilities in our food system. As we develop back much better, we need to develop more, much better and fairer markets that boost competitors and produce financial chance throughout America’s farming and food supply chains. This is another significant action in our efforts to act upon lessons from COVID-19 to construct a food system that is reasonable, competitive, dispersed and durable where a higher share of the food dollar goes to those growing, gathering, processing and preparing our food.”
The COVID-19 pandemic produced severe disturbances in America’s food supply chain, exposing vulnerabilities due to combined processing capability. By broadening access to capital, USDA will assist increase personal financial investment to develop a more durable, dispersed, and fairer food supply chain.
Through this program, USDA will utilize $100 million in financing from the American Rescue Strategy Act to catalyze millions more in providing readily available for working capital, centers, devices, and other financial investments. The loan warranties will assist to:
start-up or broaden entities in our food supply chain that aggregate, procedure, manufacture, wholesale or disperse food.
address supply chain traffic jams.
increase the resiliency of the food supply chain.
As co-Chair of the Biden-Harris Administration’s Supply Chain Disruptions Job Force, Secretary Vilsack and USDA have actually combined market, labor, and federal partners to deal with the short-term supply chain interruptions occurring from the Administration’s strong financial healing. This is among a number of essential actions that USDA will require to construct a more durable supply chain and much better food system and to increase competitors in farming markets, pursuant to President Biden’s Executive Order on Promoting Competitors in the American Economy and his Executive Order on America’s Supply Chains. This effort will support crucial supply chain facilities financial investments to broaden and scale existing capability, in addition to assistance long-lasting financial investments in brand-new operations.
USDA is preparing to release a notification quickly to reveal eligibility requirements and the application window. USDA motivates lending institutions and other interested stakeholders to register for e-mail updates to get the current info about the program and associated occasions. USDA is hosting a loan provider training webinar on October 14 to notify rural lending institutions, neighborhood advancement banks, food sector lending institutions and neighborhood lending institutions about how they can end up being authorized to take part in this program. In addition, USDA is preparing an online forum for funding entities lined up with the statement of the eligibility and application requirements.
Previously this year, USDA revealed more than $150 million for existing little and extremely little processing centers to assist them weather COVID, contend in the market and get the assistance they require to reach more consumers.
Under the Biden-Harris Administration, Rural Advancement supplies loans and grants to assist broaden financial chances, produce tasks and enhance the lifestyle for countless Americans in backwoods. This help supports facilities enhancements; service advancement; real estate; neighborhood centers such as schools, public security and healthcare; and high-speed web gain access to in rural, tribal and high-poverty locations. For more details, check out www.rd.usda.gov. If you want to sign up for USDA Rural Advancement updates, visit our GovDelivery customer page.
USDA touches the lives of all Americans every day in many favorable methods. Under the Biden-Harris Administration, USDA is changing America’s food system with a higher concentrate on more durable regional and local food production, promoting competitors and fairer markets for all manufacturers, making sure access to safe, healthy and healthy food in all neighborhoods, constructing brand-new markets and streams of earnings for farmers and manufacturers utilizing climate-smart food and forestry practices, making historical financial investments in facilities and tidy energy abilities in rural America, and dedicating to equity throughout the Department by eliminating systemic barriers and developing a labor force more representative of America. To read more, go to www.usda.gov.
USDA is a level playing field service provider, company, and lending institution.