; or (4) promoting the interstate trade and local sales of processed meat by financing improvements to meet relevant Federal, State, and local regulatory standards. (b) Eligibility; general limitations (1) Eligible recipient An entity shall be eligible for a loan or guarantee under this section if the entity is— (A) a public, private, or cooperative organization organized on a for-profit or nonprofit basis; (B) an Indian tribe on a Federal or State reservation, or any other federally recognized Indian tribal group; or (C) an individual. (2) Facility location (A) In general Except as provided in subparagraph (B), a facility constructed with proceeds from a loan made or guaranteed under this section shall be in a rural area. (B) Exception A facility constructed with proceeds from a loan made or guaranteed under this section may be in a non-rural area if— (i) the primary use of the loan involved is for the facility, and the facility will provide value-added processing for agricultural producers that are located within 300 miles of the facility; (ii) the applicant demonstrates to the Secretary that the primary benefit of making the loan or guarantee will be to provide employment for residents of a rural area; (iii) the loan involved will be used to increase the competitiveness of meat, poultry, or seafood processing in a region; and (iv) the principal amount of the loan involved does not exceed $50,000,000. (C) Rural area defined In this paragraph, the term rural area has the meaning given the term in section 343(a)(13) of the Consolidated Farm and Rural Development Act. (3) Limitations (A) Limitation on amount of loan involved A loan of more than $50,000,000 may not be made or guaranteed under this section. (B) Limitation on eligibility A loan may not be made or guaranteed under this section to an entity that is owned in partnership or in whole by— (i) a foreign entity