Virtual Open House: New Grocery Guarantee Loan

Event description

Join us to learn more about this new loan program, benefits, who can apply, how to apply & more.

SBA announced that small businesses across America’s food supply chain are now eligible for an enhanced “Grocery Guarantee” through the SBA International Trade Loan (ITL) Program. The loans, which come with a 90% federal guarantee, will be available to a broad range of producers in the agriculture and logistics industries, to expand food production and supply – with the aim of reducing grocery costs for consumers.

The new Grocery Guarantee will drive even more investment in our nation’s food supply chain – infusing farmers, ranchers, and logistics providers with expanded access to capital that will increase production, processing, and distribution.

The ITL Program unlocks long-term, affordable financing to support American producers – offering borrowers additional flexibility through an increased SBA guarantee of 90% compared to the standard 75% guarantee for the agency’s popular 7(a) Loan Program. The Grocery Guarantee will give local lenders greater confidence to deploy capital into the food supply chain, supporting investments in production capacity, processing, and distribution to increase the supply of domestic food products and lower grocery prices.

As of May 1st, small businesses in the following NAICS Groups and National Industry Codes are eligible for the expanded ITL Loan program:

• 1111 - Oilseed and Grain Farming
• 1112 - Vegetable and Melon Farming
• 1113 - Fruit and Tree Nut Farming
• 1121 - Cattle Ranching and Farming
• 1122- Hog and Pig Farming
• 1123 - Poultry and Egg Production
• 1124 - Sheep and Goat Farming
• 1125 - Aquaculture
• 1129 - Other Animal Production
• 1141 - Fishing
• 1151 - Support Activities for Crop Production
• 1152 - Support Activities for Animal Production
• 423820 - Farm and Garden Machinery and Equipment Merchant Wholesalers
• 4244 – Grocery and Related Product Merchant Wholesalers
• 424420 – Packaged Frozen Food Merchant Wholesalers
• 4245 – Farm Product Raw Material Merchant Wholesalers
• 424910 – Farm Supplies Merchant Wholesalers
• 445110 – Supermarkets and Other Grocery Retailers
• 484220 –Specialized Freight Trucking, Local
• 484230 –Specialized Freight Trucking, Long Distance
• 493120 – Refrigerated Warehousing and Storage
• 493130 – Farm Warehousing and Storage