Additional funding available to companies investing in food supply chain infrastructure
Earlier this month, the U.S. Department of Agriculture (USDA) announced details of a framework intended to transform supply chains in the food and beverage industry and provide more funding for companies filling a demonstrated need. The framework is a response to the challenges revealed by the COVID-19 pandemic and supply chain disruptions due to Russia’s war in Ukraine and aims to improve the food supply chain at every step between farm and fork.
Significant funding is available to qualifying companies as part of the framework, including:
- $650 million in funding and loan assistance for meat and poultry processing projects
This includes $275 million to help entrepreneurs who have had trouble getting credit and $100 million for training workers in meat processing - $600 million for improving food supply chain infrastructure, including cold storage and refrigerated trucks, outside of meat and processing
- $200 million to help fruit and vegetable growers comply with food safety regulations
- $400 million to create regional food business centers that will provide coordination and technical assistance and other support to small and
mid-size businesses involved in processing, distribution and aggregation - $155 million to expand USDA’s Healthy Food Financing Initiative, which is aimed at reducing food deserts
- $90 million to prevent and reduce food loss and waste
- $60 million farm-to-school programs that increase markets for smaller-scale farmers through child nutrition programs
Baker Tilly’s food and beverage industry team can help companies considering applying for funding through the framework. Our team can help clients evaluate the opportunity through third party feasibility assessments and more.
In addition, our project development office can assist companies looking to expand or relocate as part of investments in supply chain infrastructure. This team of specialists can help perform site suitability assessments, recommend potential locations based on labor availability and help companies navigate relationships with economic development groups to maximize tax incentives.
