Renaissance Fiber has secured $2.24 million in financing to complete its first commercial-scale hemp fiber processing facility in North Carolina, advancing plans to turn domestically grown hemp into a textile input compatible with existing spinning equipment.
The funding will support construction, raw material purchases, inventory and working capital as the company moves beyond research and development. Its facility in Mocksville, N.C., is expected to be completed by the end of 2026, with commissioning and process optimization to follow.
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The bulk of the financing comes from a $2 million SBA-backed package, split between a $1.5 million term loan and $500,000 in revolving credit through the agency’s 7(a) Manufacturers Access to Revolving Credit (MARC) program.
The $2 million package followed earlier commitments from the Fibers Fund and Invest Appalachia, announced in April. The Fibers Fund put up $100,000 at a low interest rate, and Invest Appalachia supplied another $139,000 through a zero-interest recoverable loan. That early backing helped Renaissance Fiber obtain the larger SBA-backed financing.
“Getting from a proven process to a working factory is one of the most challenging steps in advanced materials manufacturing,” said Daniel Yohannes, founder and chief executive officer of Renaissance Fiber.
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