USDA Announces Meat and Seafood Processing Loan Program

USDA announced that the Strengthening Processing for U.S. Ranchers (SPUR) Guaranteed Loan Program will make at least $5 billion available in loans to expand, improve, and diversify the processing capacity of American meat, poultry, and seafood. The SPUR Program will provide a 90% loan guarantee to commercial lenders, enabling them to offer financing to eligible borrowers to expand, improve, and diversify their processing capacity for American meat, poultry, and seafood. The maximum amount that a borrower may receive is $175 million and loans under this program may allow for a two-year deferral of principal and interest payments. This program will be available to federal and state-chartered banks, savings and loan associations, farm credit banks with direct lending authority, and credit unions. The organizations eligible to apply to these lenders for a guaranteed loan are businesses, nonprofits, cooperatives, Indian tribes, and state and local government organizations.