USDA offers at least $5 billion in guaranteed loans for meat, poultry and seafood plants

The U.S. Department of Agriculture said Friday it will make at least $5 billion available in loans through the Strengthening Processing for U.S. Ranchers program, a new guarantee program for meat, poultry and seafood plants. The program, known as SPUR, was announced as part of the America First Seafood Strategy that President Donald Trump launched the same day.

Under SPUR, USDA backs 90% of each loan made by a commercial lender. Borrowers may receive up to $175 million, with terms as long as 40 years and a possible two-year deferral of principal and interest.

"From our crabbers in Alaska, to the lobstermen in Maine, to the great shrimpers in the Gulf of America, our nation is blessed with incredible men and women who work to bring this bounty to our plates," said Secretary of Agriculture Brooke L. Rollins, who tied the program to the USDA Office of Seafood the department created earlier this year. Alaska News reported in July that Alaska's fishermen got left out of an $11 billion farm rescue, getting the new office instead.

The program arrives as Alaska's processing workforce shrinks. Seafood processing employment stood near 15,200 jobs in July 2024, down from about 17,900 a year earlier, according to a First National Bank Alaska economic report.

Eligible borrowers include businesses, nonprofits, cooperatives, Indian tribes, and state and local governments operating under inspection by USDA's Food Safety and Inspection Service, the Cooperative Interstate Shipment Program or an equivalent state program. Loans may help establish, reopen, retrofit, expand or improve a plant. Companies with market share equal to or larger than the fourth-largest firm are excluded, as are those with owners from foreign adversary countries, according to the SPUR program page.

That page says the guarantee is available "pending Congressionally approved funds." USDA's funding notice, set for publication Oct. 27, says the $5 billion draws on an American Rescue Plan Act appropriation beginning in fiscal 2027. Applications open on publication and will be accepted until funds run out, the notice says.

Borrowers apply through a commercial lender, such as a bank or credit union. USDA directs questions to its Rural Development state offices, including the Alaska office.