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Friday, December 2, 2011 - 10:51am

Bank Foreclosing On Range Fuels

A bank that lent money to an ethanol plant in south Georgia’s Treutlen County is foreclosing on it. Range Fuels received over $200 million dollars in federal, state, and private money.
In 2007 Range Fuels broke ground on its plant in Soperton. It was supposed to take wood waste and turn it into ethanol. The plant shut down earlier this year after making just one batch of fuel.
AgSouth Farm Credit gave Range Fuels an $80 million dollar loan backed by the U.S. Department of Agriculture. John Lee with the Treutlen County Development Authority says the county provided the land.
“What Treutlen County lost most was the promise of more employees, which is quite different from having say 200 out there and losing them. It was a dream that didn’t quite come true.”
The state gave Range Fuels $6 million dollars on the promise the company provide 69 full time jobs. Most of the 30 people originally hired have been let go.