$5 million deal for macadamia company
MACADAMIA Processing Company (MPC) has received a NSW Government loan of more than $5 million to assist the growth of their regional industry.
The low interest loan will be used to construct an additional building to contain up to 450 tonnes of nuts, in addition to purchasing necessary processing equipment.
Deputy Premier and Minister for Regional NSW John Barilaro said the loan, provided through the NSW Government Cooperative Loan Scheme, would significantly assist the world-leading facility.
"What a fantastic outcome for the Macadamia Processing Company, and for the NSW Government, to be able to assist this growing business with significant funding," Mr Barilaro said.
"We've got an incredibly successful, internationally renowned company looking to expand and I'm thrilled the NSW Government can help."
MPC processes up to 13,000 metric tonnes of nuts annually, which is approximately 20-30 per cent of the Australian Crop.
General Manager of MPC Steven Lee said he was delighted to receive state government support.
"This investment will help MPC to better service our growers, increase our processing capacity and overall efficiency which in turn will lead to higher return for our growers," Mr Lee said.
Cooperatives eligible for the scheme must have been in operation for at least three years and demonstrate their ability to repay the loan.
Funding is to be used to improve production facilities, expand a business, purchase assets or modernise operations.
Lismore MP Thomas George said he was proud to see a local business using the funds to continue to grow and establish itself on a global scale.
"MPC was established back in 1983, processing something like 50 tonnes at that time, to grow to where you are today being one of the largest processors in Australia, what a wonderful story and wonderful history," Mr George said.
"I congratulate this highly successful company on what they've achieved so far and can't wait to see how this NSW Government loan will help them grow."