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Soybean Presence at Stabenow’s Announcement
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Reinholt said, "Michigan soybean producers would like to commend Senator Stabenow on being such a strong advocate of the bio-based market development programs which create jobs in Michigan and benefit the environment. This support is especially meaningful to the soybean industry as the vast majority of the new bio-based products are formulated with soybean oil."


Source: Michigan Soybean Promotion Committee

Contact: Gail Frahm at 877-769-6424

 

Soybean Presence Prominent at Senator Stabenow’s Grow it Here, Make it Here Initiative Announcement


The Michigan Soybean Promotion Committee (MSPC) was recently asked to join U.S. Senator Debbie Stabenow at Henry Ford’s historic Soybean Lab in Greenfield Village for the announcement of her new Grow it Here, Make it Here initiative to advance Michigan’s emerging bio-based manufacturing industry. Keith Reinholt, Field Operations Director joined Stabenow at this event on behalf of Michigan’s soybean farmers.

Senator Stabenow pointed out that Henry Ford was one of Michigan's greatest bio-manufacturing pioneers, building his research laboratory in Greenfield Village in 1930 to discover how he could use Michigan-grown soybeans and other agriculture products in his automobiles.

Chairwoman Stabenow said, "When we grow things here and make things in Michigan, we create jobs in Michigan. Henry Ford knew this over 80 years ago when he discovered how to use agriculture products in his automobiles. Today, Michigan innovators are building off of his work to make things with Michigan-grown products. We are at the forefront of bio-based manufacturing, and my initiative will help businesses who want to invest and create new jobs here in America."

Reinholt said, "Michigan soybean producers would like to commend Senator Stabenow on being such a strong advocate of the bio-based market development programs which create jobs in Michigan and benefit the environment. This support is especially meaningful to the soybean industry as the vast majority of the new bio-based products are formulated with soybean oil."

Senator Stabenow's Grow it Here, Make it Here initiative consists of four parts: Strengthens the Biopreferred Program which certifies and labels products so consumers can choose to purchase goods made of agriculture materials, and provides a preference for these products for government purchases. Her initiative also calls for greater accountability in the initiative, including auditing and compliance activities to ensure the integrity of the certified label. The U.S. Department of Agriculture’s (USDA) Biopreferred Program offers over 8,900 bio-based products, including 540 products made by 90 Michigan companies.

Spurs the commercialization of new agricultural innovations by streamlining and focusing resources to help new bio-based projects move from the development to the commercialization phase, also known as the "valley of death" since far too many good ideas do not make it out of this phase. Her initiative focuses the USDA's Biomass Research and Development Initiative on the commercialization of bio-based products – bridging this gap to help accelerate the bio-based industry.

Increases access to capital for bio-based manufacturers by expanding USDA’s Biorefinery Loan Guarantee Program, so bio-based manufacturers have access to loans to help finance new operations or expand existing ones.

Creates a new tax cut for Michigan companies that invest in new facilities or purchase equipment to manufacture bio-based products. Specifically, her initiative will allow companies to qualify for up to a 30% tax credit to help finance investments in new, expanded, or re-equipped bio-based manufacturing, creating new jobs. Only companies that manufacture these products in America will be eligible for this incentive.

Michigan innovators and entrepreneurs are processing Michigan-grown crops such as wheat, sugar, corn and soy for use in advanced manufactured goods across the state. Bio-based manufacturing is a key sector of Michigan's agriculture industry. Agriculture is Michigan's second largest industry, supporting one out of every four Michigan jobs.

Reinholt concluded, “This is the third press conference in which we have joined Senator Stabenow for promoting bio-based products. She is certainly a visionary, much like Henry Ford was, as we strive for promoting bio-based product use to benefit, among others, the Michigan soybean producer.”

To read more about Michigan's emerging bio-based manufacturing industry, please visit http://www.stabenow.senate.gov/?p=issue&id=76.

This information is brought to you by the MSPC, representing soybean farmers in the state and funds soybean research and educational efforts through the soybean checkoff. For more information on the MSPC, visit www.michigansoybean.org.