East Lansing, Jun 04, 2014 -- Contact: Alec Lloyd (517) 324-5204
USDA Announces $10 Million Loan for Bangor Bio-Based Manufacturing Facility
EAST LANSING, June 4, 2014 – Agriculture Secretary Tom Vilsack today announced a $10 million guaranteed loan to Marrone Bio Innovations for expanding their bio-based manufacturing facility located in Bangor, Michigan.
“This program is a prime example of how USDA helps local businesses have far-reaching payoffs, including the production of innovative products that are made in rural America and sold around the world. By guaranteeing a high quality loan, like this one to Marrone Bio Innovations, the economic benefits resulting from the program stretch from the Bangor area in Michigan to MBI’s home in California.”
The loan is funded through the USDA Rural Development Business and Industry Guaranteed Loan program. The expansion will permit the introduction of additional bio-based product lines and is projected to add up to 50 jobs at the facility.
“Since President Obama took office in 2009, Rural Development has invested over $5.2 Billion in Michigan’s economy,” said USDA Rural Development Michigan State Director James Turner. “One of our most significant investments is our loan guarantee to support Marrone Bio Innovation’s expansion in Michigan. MBI has transformed what was once a shuttered biodiesel plant into a thriving manufacturing facility that will contribute well over $1 million a year in wages to the local economy when it is fully staffed. This investment in the bio economy should count as a real success story.”
USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).