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USDA announces first Food Supply Chain Guaranteed Loan recipient

USDA has announced the first investment in its Food Supply Chain Guaranteed Loan Program.

Ag Secretary Tom Vilsack visited Crystal Dry Freeze LLC in Panora, Iowa Friday, saying the egg processor will receive more than $11 million to expand capacity.

“At the end of the day, the greatness of America I think is very much a result of the middle class expanding and growing. And as the President likes to say, ‘let’s build it from the bottom up and the middle out.’ Which means good paying jobs like the ones at this facility.”

Through the Food Supply Chain Guaranteed Loan Program, he tells Brownfield USDA will become a stronger partner to small and midsize farmers by backing private investments to expand processing capacity.

“First and foremost, the goal here is not to necessarily support the larger processing facilities, the big four that basically currently dominate the market and constrain competition if you will. Providing producers with just one simple market.”

The program is funded by the American Rescue Plan Act and Vilsack says additional recipients will be announced in the coming weeks and months.

Vilsack was joined on the tour by Iowa U.S. Congresswoman Cindy Axne.