HILO, Hawaii, Sep 13, 2012 -- The U.S. Department of Agriculture (USDA) Rural Development, announced today the approval of a $5,500,000 guaranteed loan to Cyanotech Corporation and Nutrex Hawaii, Inc. The loan was originated by Pacific Rim Bank through USDA Rural Development's Business and Industry (B&I) Guaranteed Loan Program. Funds will be used to finance capital improvements including new processing equipment and new office and warehouse buildings. The projects are expected to create seven new jobs and save 72 existing jobs.
"The Hawaii State Office is pleased to provide the needed financial assistance to Cyanotech Corporation," said Chris Kanazawa, USDA Rural Development Hawaii State Director. "This organization has brought proprietary microalgae technology to Hawaii, offers skilled employment opportunities, and contributes to the product exportation segment of Hawaii's economy."
"We are pleased with the support of USDA as we seek to expand our production of important agricultural products in Hawaii for the island communities and export worldwide," said Brent Bailey, Cyanotech President and CEO.
B&I guarantees can be extended to loans made by recognized commercial or other authorized lenders in rural areas. For more information about the B&I Guaranteed Loan Program, please visit our website at www.rurdev.usda.go/hi or contact one of the following Business Programs Specialists:
Oahu and Kauai: Shirley Heatherly firstname.lastname@example.org or (808) 483-8600 ext. 118
West Hawaii and Western Pacific: Denise Oda email@example.com or (808) 933-8323
Maui County and East Hawaii: Lori Nekoba, firstname.lastname@example.org or (808) 933-8312
Western Pacific: Anthony Barcinas, email@example.com or (671) 472-8567
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $172 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.