en.Wedoany.com Reported - At a recent White House agricultural celebration, U.S. Small Business Administration (SBA) Administrator Kelly Loeffler announced the launch of the Grocery Security Program. This program offers up to a 90% government loan guarantee, aiming to increase access to capital for farmers and agricultural supply chain businesses, boost domestic food production, and lower retail food prices.

In an interview, Loeffler stated, "As a small business lending agency, the SBA is committed to supporting the agricultural community. This program provides a 90% guarantee for producers, logistics operators, trucking companies, and others, with loans issued through community banks to enhance capital liquidity." She noted that compared to the previous 75% guarantee rate, the new program reduces risks for financial institutions, making loans easier to approve.

The loan program covers multiple segments of the agricultural supply chain, including grain, oilseed, fruit and vegetable producers, and transportation companies. Applicants can contact local lenders or visit the official SBA website for detailed information. Last year, the SBA issued $7 billion in loans to rural areas, and the new program is expected to further expand financial support.

Loeffler emphasized that access to capital is crucial for agriculture, helping to stabilize food supply and prices. She indicated that the SBA will collaborate with agencies like the Department of Agriculture to promote more measures supporting rural development. Following the implementation of the program, effects are expected to ripple from the production end to the consumer end, impacting food market costs.

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