1. Short title This Act may be cited as the Agricultural Biorefinery Innovation and Opportunity Act of 2023 . 2. Biorefinery, renewable chemical, and biobased product manufacturing assistance Section 9003 of the Farm Security and Rural Investment Act of 2002 ( 7 U.S.C. 8103 ) is amended— (1) in subsection (a), in the matter preceding paragraph (1), by striking to assist and inserting to develop advanced biofuels (which, for purposes of this section, shall include ultra-low-carbon bioethanol and zero-carbon bioethanol), renewable chemicals, and biobased product manufacturing and assist ; (2) in subsection (b)(1)— (A) by striking technologically new ; and (B) by striking end-user products and inserting end-user products, renewable chemicals, and biobased products ; (3) in subsection (c)— (A) by striking The Secretary shall make available to eligible entities guarantees and inserting the following: Subject to the availability of funding, the Secretary shall make available to eligible entities— (1) on a year-round basis, guarantees ; (B) in paragraph (1) (as so designated), by striking the period at the end and inserting , in accordance with subsection (d); and ; and (C) by adding at the end the following: (2) grants, on a competitive basis, to develop, construct, or retrofit pilot or demonstration-scale biorefineries to demonstrate the commercial viability of 1 or more processes for converting renewable biomass to advanced biofuels, renewable chemicals, and biobased products in accordance with subsection (e). ; (4) in subsection (d)— (A) in paragraph (1)— (i) by striking subparagraphs (A) and (C); (ii) by redesignating subparagraphs (B) and (D) as subparagraphs (A) and (B), respectively; (iii) in subparagraph (A) (as so redesignated)— (I) by striking In approving a loan guarantee application and inserting the following: (i) In general In approving an application for a loan guarantee under subsection (c)(1)