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DES MOINES, Iowa, Jan. 7, 2022 (GLOBE NEWSWIRE) – Lincoln Savings Bank (LSB) wants to help eligible borrowers expand meat and poultry processing capacity and finance other chain infrastructure. food supply through the USDA’s New Guaranteed Food Supply Chain for Rural Development. Loan program.
The program will support new investments in infrastructure for aggregation, processing, manufacturing, storage, transportation, wholesale and distribution of food to increase capacity and create a food supply chain. America more resilient, more diverse and more secure.
“As a result of the pandemic, we are experiencing an American food supply chain that is disrupted and delayed,” said Theresa Greenfield, USDA director of rural development in Iowa. This program, with funding made available through the American Rescue Plan Act, aims to build a more equitable food system that supports the health and economic prospects of rural Iowans. I invite all eligible applicants to contact their lender or USDA Rural Development for more information. “
As an Iowa-based, $ 1.5 billion-asset community bank, LSB is well positioned to assist with qualifying borrowing. Lincoln Savings Bank’s passion for building strong communities along with its expertise in rural and USDA loan programs has made it a leader in rural and government guaranteed lending. In 2021, Lincoln Savings Bank was the first lender guaranteed by the USDA Trade Program in Iowa for highest dollar volume.
“This is a one-of-a-kind new federal program,” said Randy Frescoln, USDA commercial lender at LSB who has been involved in USDA loans since the late 1970s. “Lincoln Savings Bank is actively meeting with chain projects potential food supply companies and encourage all eligible businesses located in urban and rural areas involved in food chain activities to contact us regarding no USDA fees, more affordable fixed interest rate, funding for up to 40 years. “
To learn more about the USDA Food Supply Chain Secured Loan Program, visit mylsb.com/supply-chain or call (515) 493-8118.
About Lincoln Savings Bank:
We may have been founded in 1902, but we are anything but dated. Yes, we’re proud of our rich history, because a solid foundation only strengthens our focus on the future – helping businesses grow and customers protect what they’ve worked so hard to build. As fintech leaders and supporters of our communities, our commitment to a better bank is real and personal. Visit MyLSB.com or find us on Facebook. FDIC member.
Angela Evans, Lincoln Savings Bank, (319) 233-1900, AngelaE@mylsb.com
This content was posted through the press release distribution service at Newswire.com.
Source: Lincoln Savings Bank