Today, the North Dakota Industrial Commission approved the Ethanol Recovery Program, a loan guarantee and interest buydown program for the state’s ethanol industry.
Gerald Bachmeier, president of the North Dakota Ethanol Producers Association, released the following statement:
“The North Dakota Ethanol Producers Association would like to thank the North Dakota Industrial Commission for its approval of the Ethanol Recovery Program, which is a $50 million loan guarantee and interest buydown program to provide a bridge for the state’s ethanol producers to future profitability.
The North Dakota Ethanol Producers Association worked with the Bank of North Dakota over the past week to ensure the program will be effective in bringing the industry, which is essential to farmers and rural communities, through this unprecedented time. Fuel demand has plummeted due to the COVID-19 pandemic and global supplies of crude oil have pushed fuel prices down. As biofuel plants across the country close, this program will offer significant support toward sustaining North Dakota’s ethanol plants during this crisis.
North Dakota’s ethanol industry commends the Bank of North Dakota for its responsiveness and excellent efforts to quickly and effectively develop this program, which fills the gap where the federal government programs are not working for the state’s ethanol industry. The ethanol industry is also appreciative of the North Dakota Legislature for previously authorizing the programs and funding that allowed the Ethanol Recovery Program to be established.”
NDEPA is the advocacy organization for North Dakota ethanol industry. The purpose of NDEPA is to strengthen and advance the state’s ethanol industry through policy, promotion and market development. For more information on the state’s ethanol industry, visit www.ndethanol.org.