Minnesota’s SoyMor Biodiesel is soy-only no more; USDA announces $25 million conversion loan under Bioenergy Assistance Program

In Minnesota, Agriculture Secretary Tom Vilsack announced a $25 million loan to SoyMor Biodiesel that will enable the 30 Mgy Minnesota plant to convert from soybean oil to a multi feedstock configuration. The loan is the second USDA Rural Development has made under the Section 9003 Biorefinery Assistance Program of the 2008 Farm Bill. High feedstock costs forced SoyMor to suspend operations at its Albert Lea, Minn., facility in Spring 2008.

The Biorefinery Assistance Program promotes the development of new and emerging technologies for the production of fuels that are produced from non-corn kernal starch biomass sources. The program provides loan guarantees to develop, construct and retrofit viable commercial-scale biorefineries producing advanced biofuels. The maximum loan guarantee is $250 million per project. The loan is contingent upon SoyMor meeting the conditions of the loan agreement.

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