Marrone Bio Innovations, Inc. (MBI), a leading global provider of bio-based pest management and plant health products, announced 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, Mich.
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.
Pam Marrone, CEO of MBI, expressed appreciation for support by Secretary of Agriculture Tom Vilsack, Senator Debbie Stabenow, chairwoman of the Senate Committee on Agriculture, Nutrition and Forestry, and James Turner, state director of the Michigan USDA Rural Development.