; (2) the borrower has not defaulted on any payment required to be made with respect to the loan to be refinanced; (3) none of the collateral for the loan to be refinanced has been converted; and (4) there is adequate security or full collateral for the loan to be refinanced. (e) Loan appraisal The Secretary may require that any appraisal made in connection with a loan made or guaranteed under this section be conducted by a specialized appraiser that uses standards that are similar to standards used for similar purposes in the private sector, as determined by the Secretary. (f) Preference In making or guaranteeing a loan under this section, the Secretary shall give a preference to applicants that have experience in livestock and poultry processing and can quickly scale-up to increase overall processing capacity in the region involved. (g) Limitations on authorization of appropriations There is authorized to be appropriated to carry out this section $100,000,000 for each of fiscal years 2024 through 2026. 3. New and expanding livestock or meat processing grants (a) In general The Secretary of Agriculture may make grants to— (1) expand, diversify, and increase capacity in livestock or poultry processing activities; (2) improve compliance with livestock and poultry processing statutes (including the regulations issued thereunder), such as the Federal Meat Inspection Act ( 21 U.S.C. 601 et seq. ) and the Poultry Products Inspection Act ( 21 U.S.C. 451 et seq. ); (3) identify and reduce barriers to entry for new livestock and poultry processers; or (4) update, expand, or otherwise improve existing facilities. (b) Eligible grantees An entity shall be eligible for a grant under this section if the entity is— (1) a governmental entity; (2) a public, private, or cooperative organization organized on a for-profit or nonprofit basis