WASHINGTON, DC – USDA is adding more money as incentives to start up or expand entities in the food supply chain, in an attempt to expand meat and poultry processing capacity.
On Monday, Agriculture Secretary Tom Vilsack announced plans for an additional $100 million in funding from the American Rescue Plan, leveraging millions more in lending through community and private sector lenders to expand capacity in the supply chain infrastructure.
By expanding access to capital, the Department hopes to increase private investment in creating a more resilient, distributed, and fairer food supply chain.
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.
The $100 million announced today is in addition to the $500 million announced earlier this year.
(SOURCE: All Ag News)