The USDA has announced a new policy aimed at diversifying the U.S. meat processing industry.
Part of the Strengthening Processing for U.S. Ranchers (SPUR) initiative, the Guaranteed Loan Program will utilize $5 billion in funding to provide a 90% loan guarantee to commercial lenders with the end goal of offering financing to expand, improve, and diversify processing capacity for meat, poultry, and seafood.
“The SPUR Guaranteed Loan Program is another step USDA is taking to support small, independent, and regional meat and poultry processing plants and advance the Rancher First Initiative announced last month that puts American ranchers back at the center of our nation’s food supply,” the agency stated in a press release. Read more