Now Accepting Applications for new USDA Food Supply Chain Guaranteed Loan Program
Written by Lincoln Savings Bank
Lincoln Savings Bank (LSB) wants to help eligible borrowers expand meat and poultry processing capacity and finance other food supply chain infrastructure through the USDA Rural Development’s new Food Supply Chain Guaranteed Loan Program.
The program will support new investments in infrastructure for food aggregation, processing, manufacturing, storage, transportation, wholesaling, and distribution to increase capacity and create a more resilient, diverse, and secure U.S. food supply chain.
"In the wake of the pandemic, we experience an American food supply chain that is disrupted and delayed," said Theresa Greenfield, USDA Rural Development State Director in Iowa. "This program, with funding made available through the American Rescue Plan Act, aims to build a more equitable food system that supports the health and economic outlook for rural Iowans. I invite all eligible applicants to contact their lender or USDA Rural Development for more information."
As a $1.5 billion asset Iowa-based community bank, LSB is well-positioned to assist eligible borrows. Lincoln Savings Bank’s passion for building strong communities along with its expertise in rural and USDA lending programs has made them a leader in the rural and government-guaranteed lending space. In 2021, Lincoln Savings Bank was the #1 USDA Business Program guaranteed lender in Iowa by highest dollar volume.
“This is a new, once-in-a-generation federal program,” said Randy Frescoln, USDA Commercial Lender at LSB who has been involved with USDA lending since the late 1970s. “Lincoln Savings Bank is actively meeting with prospective food supply chain projects and encourages all eligible businesses located in urban and rural areas involved in food chain activities to contact us about no USDA fee, more affordable, fixed interest rate, up to 40-year financing.”
To learn more about the USDA Food Supply Chain Guaranteed Loan Program, visit mylsb.com/supply-chain or call 1-833-596-0001.