(Proposed Ethanol plant receives a loan)…It was not as much as they asked for, but they are happy.
The CEO for California Ethanol went before the County Board of Supervisors. David Rubenstein was there to request a $1.5 million loan. The funds were to be used to keep the concept alive, buying time to complete the studies required to secure commercial bank loans. The Supervisors said there was no immediate benefit to the county. Instead they approved a $700,000 loan. The loan would come out of the Agriculture Benefit Funds. Rubenstein said he was happy with the offer. The plant has been in the planning stages since 2013, and has dragged on while several hurdles, including the financial hurdle, are cleared. Plant officials say the plant will eventually create up to 200 permanent jobs and up to 600 short-term construction jobs. The total cost to construct the plant and make it operational is estimated at over $550 million.