The Pennsylvania Recycling Markets Center (RMC) and Closed Loop Fund (CLF) announce a historic statewide partnership targeting a $5 million investment in recycling infrastructure in Pennsylvania. This statewide program follows Closed Loop Fund’s successful investment in Philadelphia’s AeroAggregates in 2017.
The exclusive Pennsylvania partnership is between the Closed Loop Fund and Pennsylvania Recycling Markets Center. The $5M commitment of the Closed Loop Fund is set aside for Pennsylvania projects which flow through the RMC. “We welcome any interested, qualifying party to work with us to access the Closed Loop Fund, said RMC Executive Director Robert Bylone.”
Bylone continued, “In unprecedented volatility of recycled materials markets, we need to aggressively pursue recycling infrastructure and recycled content product manufacturing in Pennsylvania; a recycled item is not truly recycled until it is a new product. We are grateful to the Closed Loop Fund for their assistance in putting Pennsylvania recycling markets at the forefront of their efforts nationwide. We look forward to continuing our work with entrepreneurs, manufacturers, processors, and collection programs but now with the Closed Loop Fund directly paired to these Pennsylvania opportunities.”
The investment will come in the form of zero-percent (0%) loans to municipalities and below market loans to private companies with substantial business operations in Pennsylvania. RMC will assist in the identification and initial due diligence screening for applicants. Closed Loop Fund will make the final evaluation on funding projects.
“This is our first formal partnership with a non-profit corporation to help deploy below market rate capital to enhance and create recycling systems across Pennsylvania. We are eager to make an impact with the Pennsylvania Recycling Markets Center who has a track record of recycling economic development successes”, says Ron Gonen, Managing Partner of Closed Loop Fund.
The Closed Loop Fund is committed to investing in municipalities and private companies developing new technologies focused on elimination of waste or the development of new or improved recycling technologies for projects designed to improve recycling rates, increase demand for products made from recycled content, and grow existing markets and create new markets for recycled material for which conventional sources of funding are unavailable. “In this regard, the Closed Loop Fund greatly aligns with the mission of the Pennsylvania Recycling Markets Center,” said RMC Secretary, Bob Anderson.
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