1. Short title This Act may be cited as the School Food Modernization Act . 2. Loan guarantees and grants to finance certain improvements to school lunch facilities The Richard B. Russell National School Lunch Act is amended by inserting after section 26 ( 42 U.S.C. 1769g ) the following: 27. Loan guarantees and grants to finance certain improvements to school lunch facilities (a) Definitions In this section: (1) Durable equipment The term durable equipment means durable food preparation, handling, cooking, serving, and storage equipment greater than $500 in value. (2) Eligible entity The term eligible entity means— (A) a local educational agency or a school food authority administering or operating a school lunch program; (B) a tribal organization