BioP2P Staff
The U.S. Department of Agriculture has awarded Ameris Bank a $25 million loan guarantee for Liberation Labs’ biomanufacturing facility in Richmond, Indiana.
Liberation Labs is currently constructing a commercial-scale, purpose-built, precision fermentation biomanufacturing facility with a capacity of 600,000 liters and a fully dedicated downstream process.
The plant will produce bio-based proteins and other building block ingredients at a scale and cost that will fill a pressing need among both new and established consumer packaged goods companies and other industrial manufacturers. Commercial production is expected to commence by the end of next year.
“The award of this USDA loan guarantee is continued confirmation of the importance of adding biomanufacturing capacity in the U.S. as well as the strength of our business plan,” said Mark Warner, co-founder and CEO of Liberation Labs. “Our project underwent significant due diligence and risk rating, and to come out the other end with a loan guarantee is a strong reflection of the quality of our team, our vision and our ability to execute.”
USDA Business and Industry loans are government-backed loans made available to businesses located in areas with a population of 50,000 or fewer residents designed to spur economic development. Ameris Bank has dedicated, knowledgeable business development managers who are fully versed in USDA lending and who structure tailored USDA business and industry loans.
Read the full release here.