$1.3 billion food industry loan program expiring in September
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DES MOINES, Iowa, May 24, 2022 (GLOBE NEWSWIRE) — In December 2021, the Biden administration announced a more than $1 billion loan program designed to help finance the expansion of companies involved in the supply chain. food supply. This includes businesses involved in food manufacturing, food transportation, cold storage and others. With less than five months until the program expires, interested businesses should submit their applications quickly, and Lincoln Savings Bank can help.
Attractive loan terms, no USDA fees and eligible for all geographies
The program’s goal is to quickly secure funding for projects that will help the food supply chain run more efficiently. And because it is a matter of time for the national economy, the terms of the program have been designed to finance large projects and finance them quickly.
Loan Program Highlights:
- Loans up to $40 million per borrower.
- Loan term up to 40 years.
- No USDA warranty fees.
- Refinancing is available up to 49% of the loan amount.
- Available for rural and non-rural businesses (first time in USDA history).
Limited knowledge of the program
Despite the attractive terms, many executives who could use the funds to invest in their business are unaware of the program.
Randy Frescoln, Senior USDA Coordinator for Lincoln Savings Bank, has been involved with USDA loans as a borrower, employee and lender since 1978. Randy says, “This USDA product is the commercial program best value I’ve seen in over 40 years experience with USDA programs This is truly a generational product, and it’s unfortunate that so many qualifying businesses are unaware of its existence I encourage businesses eligible people from the food supply chain to apply now to help support your expansion project.
The program expires on September 30; Start with Lincoln Savings Bank
The program is due to expire on September 30 or when funding runs out. But as the application process will take time, business owners are encouraged to apply before mid-June. It is important to note that not all lenders can submit applications – only lenders who have been approved under USDA eligibility guidelines.
If a business is in need of financing and is involved in the food supply chain, please contact the USDA Loan Team at Lincoln Savings Bank today by visiting www.mylsb.com/usda-loan -program or by calling 833-583-2648.
About Lincoln Savings Bank:
We may have been founded in 1902, but we’re anything but dated. Yes, we’re proud of our rich history, because a strong foundation only strengthens our focus on the future – helping businesses grow and customers protect what they’ve worked so hard to achieve. As fintech leaders and supporters of our communities, our commitment to improving banking services is real and personal. Visit MyLSB.com or find us on Facebook. FDIC member.
Angela Evans, Lincoln Savings Bank, (319) 233-1900, [email protected]
This content was posted through the press release distribution service on Newswire.com.
Source: Lincoln Savings Bank