665 
a cooperative organization or a fund that 
invests primarily in cooperative organiza-
tions, if the guarantee significantly bene-
fits 1 or more entities eligible for assist-
ance for the purposes described in para-
graph (2)(A), as determined by the Sec-
retary. 
‘‘(B) REFINANCING.—A cooperative orga-
nization that is eligible for a business and in-
dustry loan shall be eligible to refinance an ex-
isting business and industry loan with a lender 
if— 
‘‘(i) the cooperative organization— 
‘‘(I) is current and performing 
with respect to the existing loan; and 
‘‘(II)(aa) is not, and has not 
been, in payment default, with respect 
to the existing loan; or 
‘‘(bb) has not converted any of 
the collateral with respect to the exist-
ing loan; and 
‘‘(ii) there is adequate security or full 
collateral for the refinanced loan. 
‘‘(10) 
LOAN
GUARANTEES
IN
NONRURAL 
AREAS.—The Secretary may guarantee a business 
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and industry loan to a cooperative organization for 
a facility that is not located in a rural area if— 
‘‘(A) the primary purpose of the loan guar-
antee is for a facility to provide value-added 
processing for agricultural producers that are 
located within 80 miles of the facility; 
‘‘(B) the applicant demonstrates to the 
Secretary that the primary benefit of the loan 
guarantee will be to provide employment for 
residents of a rural area; and 
‘‘(C) the total amount of business and in-
dustry loans guaranteed for a fiscal year under 
this paragraph does not exceed 10 percent of 
the business and industry loans guaranteed for 
the fiscal year under this subsection. 
‘‘(11) LOCALLY OR REGIONALLY PRODUCED AG-
RICULTURAL FOOD PRODUCTS.— 
‘‘(A) DEFINITIONS.—In this paragraph: 
‘‘(i) LOCALLY OR REGIONALLY PRO-
DUCED AGRICULTURAL FOOD PRODUCT.— 
The term ‘locally or regionally produced 
agricultural food product’ means any agri-
cultural food product that is raised, pro-
duced, and distributed in— 
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‘‘(I) the locality or region in 
which the final product is marketed, 
so that the total distance that the 
product is transported is less than 
400 miles from the origin of the prod-
uct; or 
‘‘(II) the State in which the 
product is produced. 
‘‘(ii) UNDERSERVED
COMMUNITY.— 
The term ‘underserved community’ means 
a community (including an urban or rural 
community and an Indian tribal commu-
nity) that, as determined by the Secretary, 
has— 
‘‘(I) limited access to affordable, 
healthy foods, including fresh fruits 
and vegetables, in grocery retail stores 
or farmer-to-consumer direct markets; 
and 
‘‘(II) a high rate of hunger or 
food insecurity or a high poverty rate. 
‘‘(B) LOAN AND LOAN GUARANTEE PRO-
GRAM.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall make or guarantee loans to individ-
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