Siena Lending Group completed a three-year asset-based revolving credit facility for a family‐owned and operated biodiesel producer. The facility consists of a $50 million revolver and an $8.2 million term loan.
Domestically manufactured from vegetable oils, animal fats and/or recycled grease, biodiesel is a renewable energy alternative that produces more than 70% less CO2 than diesel. Siena’s financing solution for the biodiesel producer supported the continued its production and distribution of biodiesel in existing markets and its expansion into new markets.
“It’s an honor to support a company that is doing their part to help reduce our country’s carbon footprint with a sustainable alternative to petroleum diesel,” Nick Payne, director of Siena Lending Group, said. “Siena is proud to support a wide range of energy producers with our creative financing solutions.”
