Rhode Island Commerce Corporations’ EDA Revolving Loan Fund Helps Premier Biodiesel Manufacturer Expand
Newport Biodiesel, Inc.’s new biodiesel tanks.
EDA’s Revolving Loan (RLF) Program provides funding to state and local governments, nonprofits and political subdivisions to provide access to capital to U.S. small businesses that cannot obtain traditional bank financing. These loans enable small businesses to expand, lead to new employment opportunities and help retain jobs.
In September of 2016, Newport Biodiesel, Inc., a premier biodiesel manufacturer located in Newport, Rhode Island, utilized the Rhode Island Commerce Corporation’s Revolving Loan Fund to expand their business, which is focused on collecting used cooking oil and turning it into clean burning fuel.
The manufacturer leveraged a $400,000 RLF loan to finance the cost of purchasing and installing new biodiesel tanks. The new tanks have helped the company boost its production capacity to meet increased demand.
At the time of the loan, the business employed 27 people. With its expanded capacity, the company now employs more than 40 workers.
To learn more about EDA’s RLF program and how it’s helped other small business across the country, visit: www.eda.gov/rlf.