Renaissance Fiber Secures $2.24 Million for Hemp Fiber Manufacturing

Renaissance Fiber has secured $2.239 million in financing to complete its first commercial-scale hemp fiber processing facility in Mocksville, North Carolina. This funding package includes $2 million in SBA-backed financing, a $100,000 low-interest loan from the Fibers Fund, and a $139,000 zero-interest recoverable loan from Invest Appalachia.

The financing will support the company's transition to full-scale operations, providing capital for manufacturing infrastructure, raw material purchases, and inventory. CEO Daniel Yohannes emphasized the importance of this funding in moving from a proven process to a working factory.

The Fibers Fund and Invest Appalachia have been instrumental in this financing, demonstrating how early commitments can unlock larger funding packages for emerging textile markets. The $2 million bank package includes a term loan and revolving credit through the SBA’s 7(a) Manufacturers Access to Revolving Credit program.

Renaissance Fiber aims to create a domestic processing link between agricultural production and textile manufacturing by refining hemp fiber into a material compatible with existing cotton and synthetic-fiber equipment. The facility is expected to be completed by the end of 2026, marking a significant step in the U.S. hemp supply chain.