X-Caliber Rural Capital has closed a $25 million USDA OneRD Business & Industry Guaranteed Loan for Plantible Foods. The financing represents the maximum amount available through the program and will support the expansion of Plantible’s commercial production facility in Eldorado, Texas.
Plantible plans to add up to 50 commercial greenhouses at its Ranchito facility, increasing annual production capacity for its plant-based protein ingredients to more than 1,000 metric tons.
The company produces functional ingredients derived from Lemna, also known as water lentils. Its flagship product, Rubi Protein, is a complete plant protein containing all nine essential amino acids and vitamin B12.
The expansion is expected to help Plantible meet increasing customer demand while supporting additional jobs, contractors and suppliers in Schleicher County.
Plantible has invested in operations, engineering and research positions in the region since establishing its commercial facility there.
The USDA Business & Industry Guaranteed Loan Program is designed to improve capital access for companies operating in eligible rural communities. Federal guarantees can enable borrowers to access larger proceeds or longer-term financing than may be available through conventional loans.
KEY QUOTES:
“Providing the maximum financing available under the program demonstrates how USDA lending can help businesses secure the capital they need to scale operations, create jobs and generate long-term economic opportunity in rural America.”
Anna West, President of X-Caliber Rural Capital
“The expansion will enable us to better serve our customers while continuing to invest in the community where we have built our manufacturing operations.”
Tony Martens, Co-Founder and CEO of Plantible Foods
