Although the ethanol plant said it needed $10 million to stay in business just four months ago, Show Me Ethanol in Carrollton, Mo. has reached a loan agreement and will afloat after raising $5.9 million from shareholders.

The group that financed the construction of their 55 million gallon per year plant, FCS Financial, formed another agreement with the ethanol plant. Show Me owed its biggest shareholder, Ray-Carroll Grain Growers of Carrollton, $15.5 million on forward purchase contracts. Ray-Carroll agreed to cancel $2 million of that debt, accept a $1.5 million payment and convert the remaining $12 million into a promissory note. Show Me was able to count the $2 million in debt cancellation as part of the $5.9 million in new capital.

Show Me Ethanol posted a net loss of $18.98 million just two weeks ago, including a $14.1 million loss on forward contracts to purchase corn.