A Minnesota biodiesel facility is getting a $25 million USDA Rural Development loan that will help the refinery expand the number of feedstocks it is able to turn into the green fuel… including the by-product of another green fuel:
USDA Rural Development is providing SoyMor Biodiesel a $25 million guaranteed loan to purchase equipment that will enable SoyMor to convert multiple types of feed stocks, including an unrefined corn oil waste product from nearby ethanol facilities, into biodiesel. In its current configuration, the plant only has the ability to process soybean oil.
The loan is the second USDA Rural Development has made under the Section 9003 Biorefinery Assistance Program of the 2008 Farm Bill.
USDA officials say the loan will restore nearly 30 jobs to the local Albert Lea community after the biodiesel plant had to suspend operations just more than a year ago. In addition, it will add value to the area’s ethanol industry.