Southwest Georgia Farm Credit to provide food supply loans
From staff reports
BAINBRIDGE — Southwest Georgia Farm Credit announced that it will work with eligible borrowers throughout the food supply chain to provide loans through the USDA’s new Food Supply Chain Guaranteed Loan Program. The program, which makes available nearly $1 billion in loan guarantees, will back private investment in processing and food supply infrastructure — all designed to strengthen the food supply chain.
“Right here in southwest Georgia, we recognize that there are opportunities for expansion, for facilities or transportation services that could help alleviate bottlenecks that also impact our farmers,” Southwest Georgia Farm Credit CEO Paxton Poitevint said in a news release. “These guaranteed loans offer the prospect for significant expansion in our area for warehouses, storage, shelling facilities, meat processing plants, as well as transporting, wholesaling, or distributing food and more.”
Through this program, USDA will partner with lenders, like Southwest Georgia Farm Credit, to guarantee loans of up to $40 million. There are no guarantee or annual fees, only reasonable and customary fees between the borrower and the lender. Loan terms must not exceed 40 years.
“What’s great about a program like this is that it creates an incredible amount of opportunity for agribusinesses in our area thinking about expansion,” Poitevint said. “We should see a more resilient food supply chain that starts to increase capacity and improve the security of our U.S. food systems.”
Headquartered in Bainbridge, Southwest Georgia Farm Credit supports farmers, farm businesses, and rural property owners, providing safe, dependable financing. The association is part of the Farm Credit System, a nationwide network of agricultural and rural lending institutions cooperatively owned by their borrowers. Farm Credit helps maintain and improve the quality of life in rural America and on the farm, through its constant commitment to competitive lending and expert financial services.
Author
Related Articles
Albany Commission will revisit downtown park project at October retreat
“Right now it’s a sea of asphalt there. It doesn’t encourage gathering. Parks and green spaces encourage gathering.”
Judge denies residency challenge; Edward Brown to claim Senate District 12 seat
An email ruling issue this week paves the way for Albany businessman Edward Brown to enter the Georgia Senate next year. A Superior Court judge denied candidate Corey B. Morgan’s challenge to Brown’s residency in the District 12 race.
Albany animal trainer seeking to fulfill dream of establishing a pet food pantry
“(If) you lose a job, you have a healthcare crisis, what do you do with the cat? What do you do with the dog? Now you will at least have someone who can help you with the food.”
