[NEWS] USDA Offers $250 Million Loan Guarantees for Biorefineries
– by Steven Johnson, July 29, 2016, ECT
The Department of Agriculture announced July 25 that it will provide loan guarantees of up to $250 million for commercial-scale biorefineries and biobased product manufacturing facilities.
The support stems from a 2008 program that was expanded as part of the 2014 Farm Bill, USDA said.
“The bioeconomy is a catalyst for economic development in rural America, creating new jobs and providing new markets for farmers and ranchers,” Secretary of Agriculture Tom Vilsack said.
“Investing in the businesses and technologies that support the production of biofuels and biobased products is not only good for farm incomes,” he added. “The whole economy benefits from a more balanced, diversified and consumer-friendly energy portfolio, less dependence on foreign oil and reduced carbon emissions.”