The Trump Administration has announced the launch of the Strengthening Processing for U.S. Ranchers Guaranteed Loan Program, or SPUR, with the U.S. Department of Agriculture making at least $5 billion in loan capacity available to expand, improve, and diversify domestic meat, poultry, and seafood processing.
The initiative was announced alongside President Donald J. Trump’s America First Seafood Strategy, which outlines actions intended to support U.S. seafood production, processing, marketing, sales, and exports.
Under the SPUR program, USDA will provide a 90% loan guarantee to participating commercial lenders. Eligible borrowers can receive loans of up to $175 million, and financing may include a deferral of principal and interest payments for up to two years.
The program is intended to help processors invest in facilities, equipment, capacity expansion, modernization, and other projects designed to strengthen domestic food processing infrastructure.
Eligible lenders include federally and state-chartered banks, savings and loan associations, farm credit banks with direct lending authority, and credit unions. Businesses, nonprofits, cooperatives, Indian tribes, and state and local government organizations can seek guaranteed financing through participating lenders.
SPUR builds on an executive order signed earlier in 2026 directing USDA to support small and regional beef processors by improving access to capital and increasing processing capacity. The administration said the initiative is designed to reduce processing constraints, create additional options for ranchers, and increase diversity within the domestic animal protein supply chain.
The program also expands USDA support to seafood processing. Earlier in 2026, the administration created the USDA Office of Seafood, and including seafood in SPUR is intended to integrate the industry more fully into USDA financing and development programs.
The broader America First Seafood Strategy follows an executive order directing the Departments of Commerce and Agriculture to develop policies intended to strengthen U.S. seafood competitiveness and domestic processing capacity.
USDA said the new financing is also part of its Rancher First Initiative, which focuses on expanding opportunities for smaller, independent, and regional meat and poultry processors.
By using federal loan guarantees rather than providing all financing directly, USDA aims to encourage private lenders to fund processing projects that might otherwise face financing constraints. The guarantee reduces lender risk while giving eligible processors access to more capital for expansion and modernization.
KEY QUOTE:
“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. The Trump Administration has recognized their incredible efforts and is working to provide all the necessary tools for them to succeed with our America First Seafood Strategy. Today’s announcement expanding funding opportunities for seafood processing from USDA highlights our commitment to building out the resources needed for American seafood products to be readily available for consumers. We look forward to continuing to serve American fishermen through the USDA Office of Seafood we created earlier this year, building on President Trump’s America First vision.”
Brooke L. Rollins, Secretary Of Agriculture
