School Food Modernization Act - Directs the Secretary of Agriculture to issue loan guarantees to local educational agencies, tribal organizations, or consortia of such entities to finance the construction, remodeling, or expansion of infrastructure or the purchase of durable equipment that will facilitate their provision of healthy meals through the school breakfast and lunch programs.
Favors loan guarantee applicants that demonstrate a substantial or disproportionate need (as compared with other applicants) for food service infrastructure or durable equipment.
Prohibits a loan guarantee from covering more than 90% of a loan's principal.
Directs the Secretary to award competitive matching grants to experienced third-party training institutions to provide school food service personnel with the training and technical assistance they need to meet updated school lunch program nutrition standards.