Oklahoma Material Recycling LLC was selected to receive a $10 million guaranteed loan to bring metals recycling technology to Atoka, Okla. The loan comes from the United States Department of Agriculture’s (USDA) Rural Development’s Business and Industry Guaranteed Loan Program.
The loan will be used, along with private investments of $8.43 million, to develop a manufacturing plant to recycle oil refinery waste, creating technical grade molybdenum oxide powder, a corrosion resistant hardening additive for stainless and other alloy steels.
The agency’s funding is directed toward assisting rural businesses in stimulate their economies and supporting their communities.
Eligible applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, Federally-recognized Indian tribes, public bodies, and individuals.
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