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USDA-RD State Director Announces $3 Million Investment with Mafic USA

Name
Robert Kerns
City
Raleigh
Release Date
Mar 09, 2022

SHELBY, N.C., MARCH 9, 2022 – USDA Rural Development State Director Reginald Speight announced an investment with Mafic USA today. 

Mafic USA will use a $3 million USDA Business and Industry Loan to finance the purchase of equipment to expand the capacity of its Shelby facility.

This investment reflects President Joe Biden’s remarks in last week’s State of the Union address when he spoke of the value of American made products.

“There’s something happening in America,” said Biden “The rebirth of the pride that comes from stamping products ‘Made In America.’ The revitalization of American manufacturing.”

Speight was joined by several representatives from Mafic USA, along with federal and local officials.

Mafic USA is a basalt (mafic volcanic rock) fiber manufacturing plant.

“Mafic USA is about to become to be the largest volume producer of basalt fiber once the plant reaches full capacity,” said Speight. “This underscores the President’s desire for the United States to move away from foreign supply chains and make quality products here at home.”   

Background

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas. For more information, visit www.rd.usda.gov. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.

USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, promoting competition and fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.

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