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What is changing in business finance

A short briefing on the 1st and 15th of each month, and more often when something big changes, on the federal rules, tax and government programs behind each way to raise money. Each item has a primary source and the date it was checked.

Updated November 1, 2026Next briefing: Sunday, November 15Follow by RSS
Latest briefing

A USDA loan guarantee for meat processors, and dearer SBA surety bonds

USDA opens a loan guarantee for meat, poultry and seafood processors in towns and cities alike, the SBA raises most surety bond guarantee fees from November 30, and EXIM's charter still ends December 31.

  1. scheme

    USDA's SPUR loan guarantees: 90% of a loan for a meat, poultry or seafood plant, rural or not

    On October 27, 2026 USDA opened its Strengthening Processing for US Ranchers (SPUR) Guaranteed Loan Program. It guarantees loans from banks and other lenders to businesses that start, reopen, retrofit, expand or improve a meat, poultry or seafood processing plant. It runs under the same rules as USDA's Business and Industry loan guarantees, but with no rural test: the plant can be in a city. USDA is making at least $5 billion of loans available from fiscal year 2027, and takes applications until the money runs out. For fiscal year 2027 it guarantees 90% of each loan, the lender keeps at least 10%, and the fees match the Business and Industry program's: 3% of the guaranteed amount, and a yearly fee of 0.55%.

    For a processor, a 90% guarantee can make a lender more willing to lend for a plant or its equipment. You apply through the lender, which applies to USDA. The USDA Business and Industry loan guarantees page now describes SPUR.

    Routes: USDA Business and Industry loan guarantees

    1. Federal Register: Strengthening Processing for US Ranchers (SPUR) Guaranteed Loan Program, notice of funding opportunity and fees for fiscal year 2027 (October 27, 2026), on govinfo · checked November 1, 2026
  2. rates

    SBA surety bond guarantees cost most contractors more from November 30

    Under its Surety Bond Guarantee Program, the SBA guarantees bid, payment and performance bonds for small contractors who cannot get bonded through the usual channels. For guarantees approved on or after November 30, 2026 under its Prior Approval program, the contractor's fee on each bond (other than a bid bond) rises from $6.00 to $7.29 per $1,000 of the contract amount, and the surety company's fee from 20% to 26% of the bond premium. These are the fees the SBA charged before it cut them in 2018; it says the Prior Approval program has run at a deficit since. Projects in manufacturing (NAICS sectors 31 to 33) keep the lower fees, and so does the Preferred Surety Bond program.

    On a $1 million contract, the contractor's fee goes from $6,000 to $7,290, on top of the bond's premium. The federal contract financing page explains how a contractor can be paid while the work is under way.

    Routes: Federal contract financing

    1. Federal Register: Surety Bond Guarantee Program fees, notification of Prior Approval fee changes (October 30, 2026), on govinfo · checked November 1, 2026
  3. deadline

    EXIM's charter: two months left, and no action on the bill to extend it

    The law keeps the Export-Import Bank of the United States (EXIM) running "until the close of business on December 31, 2026". On November 1, S. 3772, which would extend it, was still with the Senate Banking Committee, with no action since February 4, 2026.

    If the charter lapses, EXIM can manage the deals it already has but cannot take on new ones, such as working capital loan guarantees and export credit insurance.

    Routes: EXIM working capital guarantees and export credit insurance, Trade finance and letters of credit

    1. govinfo: 12 U.S.C. 635f, termination date of the Bank's functions · checked November 1, 2026
    2. Congress.gov: S. 3772, Export-Import Bank Reauthorization Act of 2026 (actions read through api.congress.gov) · checked November 1, 2026

Coming up

As of November 1, 2026. Dates set by others can move.

  1. Comments close on USDA's new REAP rule (source)

    USDA grants for rural businesses and farmers

  2. The SBA's new commercialization standards for SBIR and STTR firms take effect (source)

    SBIR and STTR research awards

  3. Comments close on the SBA's proposed new size standards (source)

    SBA 7(a) loans, SBIR and STTR research awards

  4. Higher SBA surety bond guarantee fees apply to Prior Approval guarantees approved from this date (source)

    Federal contract financing

  5. Comments close on the SEC's five accredited investor notices (source)

    Angel investors

  6. EXIM's charter ends at the close of business, unless Congress extends it (source)

    EXIM working capital guarantees and export credit insurance

What we are tracking

Longer-running changes that could alter a route. Open one to see where it stands.

When one of these changes a route's facts, the change is recorded on What has changed.

Earlier briefings

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