June 05--Davis-based biotech company Marrone Bio Innovations Inc. says it has secured a $10 million federal loan guarantee that will help expand production capacity at its plant in southwestern Michigan.
The U.S. Department of Agriculture Business and Industry Guaranteed Loan Program approved the financing, which Marrone Bio said is now subject to completion of bank documentation.
Marrone acquired an 11,400-square-foot manufacturing facility on 11 acres in the Michigan community of Bangor in 2012. The company initiated production of its "flagship" bioinsecticide, Grandevo, at the Michigan plant late last year. It expects to put $32 million into a phased revitalization/expansion of the building.
The federal Guaranteed Loan Program supports development of businesses and employment in rural communities. The program does not grant loans directly, but works with private credit providers to guarantee loans.
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