ST. LOUIS - Midwest Biodiesel Products LLC has secured a $300,000 loan from the St. Louis Business Development Fund and St. Louis Private Fund. The company will use the funding to rehire five laid-off workers and purchase soybeans and vegetable oil to use as feedstock, the St. Louis Business Journal reported.
The biodiesel plant, located in South Roxana, Ill., was built in 2006. The facility has the capacity to produce 12 million gallons of biodiesel fuel annually.
The St. Louis Business Development Fund is a private, for-profit corporation owned by 27 bank shareholders and three local economic development agencies. The St. Louis Private Fund investors include 22 local business leaders.
Since a $1-per-gallon biodiesel blender's tax credit expired Dec. 31, many biodiesel refiners have struggled to survive.