Sec. 201. Forgivable loans for small commercial food processing
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In this section, the term eligible entity means an individual or entity that is an agricultural producer or owns or operates, or seeks to own or operate, a commercial food processing operation that— holds a commercial license issued by a noncontiguous State; and carries on a farming business (within the meaning of section 263A(e)(4) of the Internal Revenue Code of 1986); or conducts a commercial food processing operation that is a small business concern (as defined in section 3 of the Small Business Act ( 15 U.S.C. 632 )).
The Secretary shall establish a program, to be known as the Arctic Agriculture Accelerator Loan Program , to provide— loans to eligible entities to start or expand a small commercial food processing operation; and forgiveness of those loans in accordance with subsection (f). To apply for a loan under subsection (b)(1), an eligible entity shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require, including a description of activities described in subsection
(d)that the eligible entity will carry out using the loan. An eligible entity that receives a loan under subsection (b)(1) may use the loan funds for the purchase and installation of equipment, the construction or renovation of facilities, or any other activity to create or expand the capacity of the eligibility entity to process, store, or distribute locally produced food. The amount of a loan under subsection (b)(1) shall be— $150,000 in the case of an eligible entity that owns or operates, or seeks to own or operate, a small commercial food processing operation for specialty crops or grains; and $250,000 in the case of an eligible entity that owns or operates, or seeks to own or operate, a small commercial food processing operation for meat, poultry, egg, aquaculture, or wild-caught fish products. The Secretary shall forgive the indebtedness of a borrower of a loan under subsection (b)(1) if the Secretary determines that the borrower has successfully carried out the activities described in the application submitted by the borrower under subsection (c). There is authorized to be appropriated for the cost of loans and forgiveness of loans to carry out this section $10,000,000 for each of fiscal years 2024 through 2028.
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Sec. 201
Forgivable loans for small commercial food processing
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