WYOMING – On Oct. 4, Agriculture Secretary Tom Vilsack announced that USDA plans for an additional $100 million in funding from the American Rescue Plan Act – on top of the previously announced $500-million investment – to expand meat and poultry processing capacity and to 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 USDA is preparing to issue a notice to announce eligibility requirements, the application window 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.
Through this program, USDA will use the $100 million in funding to catalyze millions more in lending available for working capital, facilities, equipment and other investments. 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 resiliency of the food supply chain.
For more, visit www.rd.usga.gov.