Bill > HR8457

This bill, titled the "Homegrown Fertilizer Act," directs the Secretary of Agriculture to provide grants and loans to help increase the domestic production, processing, and storage of fertilizer and nutrient alternatives within the United States. The Secretary, acting through the Under Secretary for Rural Development, will offer these financial tools to eligible entities, which include for-profit and non-profit businesses, cooperatives, benefit corporations, Indian Tribes, Tribal organizations, and state or local governments, provided they are located in the U.S., comply with all relevant regulations, and do not already hold a dominant market share in fertilizer production. Priority will be given to projects that promote innovation, dedicate increased capacity to U.S. agriculture, and improve market competition and affordability for farmers. Funds can be used for various purposes, such as building or modernizing facilities, purchasing equipment, covering predevelopment costs, providing working capital, and investing in workforce training. Grants can be up to $100 million and require matching non-Federal funds, while loan terms will align with existing business and industry loan programs. The bill also includes provisions for project duration, coordination with other agencies, and a condition that recipients must repay grants or loans if the developed company or facility is sold to a dominant market player within 10 years of project completion. Funding for these initiatives can be drawn from the Commodity Credit Corporation.