MBI’s Michigan-based Manufacturing Facility Approved for USDA Bio-based Economy Loan Guarantee

The US biopesticide company Marrone Bio Innovations, Inc. (MBI) announced recently the U.S. Department of Agriculture Business and Industry (B&I) Guaranteed Loan program approved a guarantee for a $10 million loan financing. The loan is now only subject to completion of related bank documentation. The funds will be used to expand the production capacity of the MBI manufacturing plant in Bangor, MI.

According to the USDA, the B&I Guaranteed Loan Program was established to support the development and growth of businesses and employment in rural communities and support improvements in the economic and environmental climate in those areas. The program does not grant loans directly, rather it works with existing private credit providers to guarantee loans that fund enterprises, which the program believes can provide long term benefits to communities.

U.S. Secretary of Agriculture Tom Vilsack highlights the impact of the loan guarantee, “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.”

U.S. Senator Debbie Stabenow (MI), Chairwoman of the Senate committee on Agriculture, Nutrition and Forestry adds, “I first met with Marrone Bio Innovations a few years ago and strongly urged them to come to Michigan, because we are leaders in bio-based manufacturing, an area poised for growth. Today’s announcement is welcome news and will help this innovative company expand its operations and create new, high-tech jobs in Southwestern Michigan.”

“Since President Obama took office in 2009, Rural Development has invested over $5.2 billion in Michigan’s economy. One of our most significant investments is our loan guarantee to support Marrone Bio Innovation’s expansion in Michigan. This investment in the bio economy should count as a real success story,” said James Turner, USDA Rural Development Michigan State Director.

Said Pam Marrone, CEO of MBI, “We greatly appreciate the support of Secretary of Agriculture Vilsack, Senator Stabenow and Director Turner for their assistance in MBI’s obtaining the loan guarantee.”