USDA Declares First Funding Below the Meals Provide Chain Assured Mortgage Program
PANORA, IOWA – Oct. 21, 2022 – U.S. Division of Agriculture (USDA) Secretary Tom Vilsack as we speak introduced that the Division is investing $11.1 million beneath the Food Supply Chain Guaranteed Loan Program to assist Crystal Freeze Dry LLC increase capability to fabricate freeze-dried egg merchandise and create job alternatives for folks residing in rural Iowa. The funding is a part of the Biden-Harris Administration’s dedication to strengthen essential meals provide chain infrastructure to create extra thriving communities for the American folks.
“The Biden-Harris Administration is investing in methods to create extra, new and higher market alternatives for farmers and enhance entry to wholesome meals choices for folks throughout the nation,” Vilsack mentioned. “By way of the Meals Provide Chain Assured Mortgage Program, USDA has grow to be a stronger accomplice to small and midsize farmers in every single place by backing non-public investments to increase processing capability that may strengthen the meals provide chain for the American folks. The funding we’re saying as we speak is the primary of many that may assist to get rid of provide chain bottle necks and create extra resilient, numerous and safe meals provide infrastructure proper right here at residence.”
Crystal Freeze Dry LLC, a family-owned dried-egg product producer, will use the funding to increase its enterprise and create jobs for seven folks in Guthrie County. Funds additionally shall be used to buy tools, refinance debt and help working capital.
The corporate provides American troops and sailors with homegrown eggs that require no refrigeration and usually are not fragile. For instance, it not too long ago launched “Egg in a Cup™”, which will be microwaved to make scrambled eggs.
It’s planning to enter markets in Puerto Rico as a result of native energy grid points. Supplying these merchandise to frontline troops, ships at sea, and areas with unstable electrical grids creates a extra resilient, numerous, and safe meals provide chain.
The Biden-Harris Administration made these funds accessible via its historic legislative package deal, the American Rescue Plan Act. This system is a part of the administration’s efforts to handle meals system challenges relationship again many years and additional exacerbated by the COVID-19 pandemic.
The Meals Provide Chain Assured Mortgage Program helps important processing and provide chain infrastructure to assist get rid of bottlenecks within the meals provide chain, ship extra alternatives and fairer costs for farmers and supply folks with higher entry to more healthy meals.
USDA will announce extra recipients for the Meals Provide Chain Assured Mortgage Program within the coming weeks and months.
Background
In December 2021, USDA introduced that it deployed $100 million via the Food Supply Chain Guaranteed Loan Program to make accessible almost $1 billion in mortgage ensures. The mortgage ensures will again non-public funding in processing and meals provide infrastructure that may strengthen the meals provide chain for the American folks.
By way of this program, USDA companions with lenders to ensure loans to assist eligible entities increase meat and poultry processing capability and finance different meals provide chain infrastructure. Lenders present the loans to eligible cooperatives, firms, for income, nonprofits, Tribal communities, public our bodies and other people in rural and concrete areas.
The Biden-Harris Administration made these funds accessible via its historic legislative package deal, the American Rescue Plan Act. This system is a part of the administration’s efforts to handle meals system challenges relationship again many years and additional exacerbated by the COVID-19 pandemic. These efforts are a part of USDA’s Build Back Better Initiative, a complete plan to speculate $4 billion to strengthen the resiliency of America’s meals provide chain whereas selling competitors.
As co-Chair of the Biden-Harris Administration’s Provide Chain Disruptions Activity Drive, Secretary Vilsack and USDA have introduced collectively business, labor and federal companions to handle the short-term provide chain disruptions arising from the Administration’s robust financial restoration. That is one in every of a number of key steps that USDA is taking to construct a extra resilient provide chain and higher meals system and to extend competitors in agricultural markets. These steps are pursuant to President Biden’s Government Order on Selling Competitors within the American Financial system and his Government Order on America’s Provide Chains. This initiative will help key provide chain infrastructure investments to increase and scale present capability, in addition to help long-term investments in new operations.
Rural Growth offers loans and grants to assist increase financial alternatives, create jobs and enhance the standard of life for thousands and thousands of People in rural areas. This help helps infrastructure enhancements; enterprise improvement; housing; group services comparable to faculties, public security and well being care; and high-speed web entry in rural, tribal and high-poverty areas. For extra data, go to www.rd.usda.gov. In the event you’d prefer to subscribe to USDA Rural Growth updates, go to our GovDelivery subscriber page.
USDA touches the lives of all People every day in so many constructive methods. Below the Biden-Harris Administration, USDA is remodeling America’s meals system with a higher concentrate on extra resilient native and regional meals manufacturing, selling competitors and fairer markets for all producers, guaranteeing entry to protected, wholesome and nutritious meals in all communities, constructing new markets and streams of earnings for farmers and producers utilizing climate-smart meals and forestry practices, making historic investments in infrastructure and clear power capabilities in rural America, and committing to fairness throughout the Division by eradicating systemic limitations and constructing a workforce extra consultant of America. To study extra, go to www.usda.gov.
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