Major news just out of the USDA: the much-hailed slate of USDA Rural Development lending programs just expanded – with some added flavor. The new government-guaranteed lending program that was just unveiled: the Food Supply Chain Guaranteed Loan Program. How has the Agency kicked it up a notch? For this program, a rural location is not required.
As supply chain bottlenecks and consumer price increases populate headlines across the country, the USDA is stepping in to help those who put food on Americans’ tables. Whether you process meat or poultry or play a part in the food supply chain infrastructure, you may qualify for competitive financing provided by NAC.
Here are the basics:
The new Food Supply Chain Guarantee Program is the fourth specialized lending program to populate North Avenue Capital’s list of offerings and the first with no rural requirement. As one of the nation’s leading government-guaranteed lenders, NAC offers borrowers a distinct advantage in navigating the unique application processes of the USDA’s Business & Industry Program (B&I), Community Facility Program (CF), Rural Energy for America Program (REAP), and now the Food Supply Chain Program (FSC). According to the USDA, the FSC “funding may be used to (1) start-up or expand food supply chain activities such as aggregating, processing, manufacturing, storing, transporting, wholesaling or distributing food, (2) address supply chain bottlenecks, and (3) increase capacity and help create a more resilient, diverse and secure U.S. food supply chain.”
For competitive, USDA-guaranteed financing for your food processing enterprise, Look North.
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