Brown announces $2 million investment for rural development in Coshocton
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) announced that the United States Department of Agriculture (USDA) has awarded a $2,000,000 loan to Coshocton Grain in Coshocton County to construct a soybean processing plant that will sell products to area livestock and biodiesel producers.
“We are very pleased to receive this loan from the USDA,” said Rhoda Sue Crown, CEO of the Coshocton Grain Company. “This new soybean crushing plant that operates by a mechanical extrusion process will create 10 new jobs for our community while providing a very competitive market for the beans produced in the surrounding counties. Coshocton Grain has been happy to serve our customers for over 70 years. This new endeavor will drive us into the future as more and more consumers are choosing milk, meat and eggs that come from animals that are fed chemical free soybean meal.”
This is Crown’s second opportunity to apply for and utilize the REDLG loan with the first being when the company built its elevator in Illinois in 2013.
“This zero percent interest loan is very beneficial to our profitability,” she said. “We are very pleased to work with our local electric cooperative, Frontier Power, to fill the role of intermediary while Farm Credit Illinois continues to be our lender to guarantee the payment of the REDLG loan.”
The facility operators expect to purchase grain from 900 local farmers in 22 counties surrounding the Coshocton area, purchasing 3,360,000 bushels of soybeans that will produce an estimated 81,000 tons of soybean meal and 12,600 tons of soybean oil. The project includes $8,000,000 in applicant contributions, bringing the total project cost to $10,000,000.
The funds for this grant are a part of the USDA’s Rural Development program. Brown helped secure a strong Rural Development title in the 2018 Farm Bill.
“Ohio workers can compete with anyone in the world when given the opportunity,” said Brown. “This federal investment is good for farmers and will support Coshocton County as it works to expand the local economy and provide opportunities for workers.”
Category: Business
