US-based Renaissance Fiber Secures $2.239 Million in Financing to Build Hemp Fiber Processing Plant

en.Wedoany.com Reported - On October 20, US textile fiber processing company Renaissance Fiber announced that it had secured $2.239 million in financing to complete the construction of its first commercial-scale industrial hemp fiber processing plant in Mocksville, North Carolina, and to support raw material procurement, inventory reserves, and production operations. The plant is currently under construction and is scheduled to be completed by the end of 2026, after which equipment commissioning and production process optimization will be carried out, advancing industrial hemp fiber from R&D trials into the commercial production stage.

The financing package consists of $2 million in bank financing supported by the US Small Business Administration (SBA), a $100,000 low-interest loan provided by Fibers Fund, and a $139,000 zero-interest recoverable loan provided by Invest Appalachia. Of this, the $2 million in bank financing comprises a $1.5 million term loan and a $500,000 revolving credit facility. Fibers Fund and Invest Appalachia announced their preliminary financing support arrangements in April 2026, after which the company obtained the bank financing.

The Mocksville plant will adopt Renaissance Fiber's independently developed two-stage fiber processing technology. The production process first subjects industrial hemp raw fiber to degumming to remove gummy components that affect spinning processing, and then adjusts the fiber state through mechanical refinement so that the finished product can be run on existing cotton and chemical fiber spinning equipment. The process can also produce raw materials for blending with cotton fiber and other textile fibers.

Renaissance Fiber primarily sources industrial hemp fiber grown and initially processed in the United States, and has established raw material and product supply cooperation with regional growers, yarn producers, textile mills, and garment manufacturers. The company had previously carried out development of industrial hemp fiber degumming and refinement technology, and in 2025 obtained first-stage production facility investment to advance the construction of the Mocksville processing base.

This round of financing will be used to improve the plant's production facilities, procure industrial hemp raw materials, and supplement working capital for commercial operations. According to the construction schedule published by the company, the plant will complete construction by the end of 2026, after which production equipment commissioning and process optimization will be carried out to gradually build commercial supply capacity for textile enterprises.