The U.S. Department of Agriculture is providing $ 100 million in additional funding from the American Rescue Plan Act to address challenges in food systems.
The financing would leverage hundreds of millions more in loans through community and private lenders to expand meat and poultry processing capacity and finance other infrastructure in the food supply chain. These investments will provide more opportunities and fairer prices to farmers and address food supply chain bottlenecks revealed and exacerbated by the pandemic.
USDA plans to release specific details about the new program and how to apply for USDA’s Build Back Better initiative, a global $ 4 billion investment plan to build resilience in the community. the US food supply chain while promoting competition. The announcement follows an earlier announcement by the Biden administration on the steps it is taking to combat concentration in the meat processing industry with a $ 500 million investment to expand the processing capacity of meat and poultry.
“Under the direction of Pres. Biden and Vice President Harris, USDA are putting the balance of power back in America’s communities and small businesses by investing in ways to create more, better, and fairer markets for farmers and families, ”USDA Sec . Tom Vilsack said Monday. “COVID-19 has exposed vulnerabilities in our food system. As we build back better, we must create more, better, and fairer markets that increase competition and create economic opportunity across America’s agriculture and food supply chains. This is another significant step in our efforts to learn from the lessons …