USDA Loan Program to Help Small TN Food Plants

A new loan program was announced that could help small Tennessee food packaging and processing plants upgrade equipment.

The United States Department of Agriculture hopes to provide economic growth and safer food with the new Guaranteed Business and Industry Program.

Rural Development Director of Business Programs Dan Beasley says this program targets smaller rural food plants that may need help taking their business to the next level.

“It’s something that’s very important to USDA of course with all the problems we’ve had in the past with e coli and stuff like that, the BSE problems that exist out there, so this is sort of an incentive for these companies to upgrade their facilities and there’s also a financing mechanism that comes with that through USDA Rural Development.”

The USDA estimates that hundreds of plants are eligible for the new program, which is among the over 50 USDA loan and grant programs available to Tennessee communities.

More information is online at http://www.rurdev.usda.gov/tn