BIO, ABO, ABFA ask White House for loan guarantee fix

In Washington, the Biotechnology Industry Organization (BIO), Advanced BioFuels Association, and Algal Biomass Organization released a letter to President Obama asking for reforms to the DOE’s Loan Guarantee program.

The three associations asked the President to issue formal guidance to DOE clarifying that the RFS provides advanced biofuel producers sufficient long-term market certainty so that they can demonstrate a “reasonable prospect of repayment” of loans; to extend the Sept. 30, 2011 deadline, and to ask Congress to restore the $3.5 billion diverted from the loan guarantee program to other budget priorities, and establish a dedicated pool of money for advanced biofuel, biochemical and bioproduct projects.

A copy of the letter is here.