The investment will come in the form of zero-percent 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 statewide program follows Closed Loop Fund’s successful 2017 investment in AeroAggregates in Philadelphia.
“We welcome any interested, qualifying party to work with us to access the Closed Loop Fund,” said RMC Executive Director Robert Bylone. “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,” said Bylone. “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.”
“In this regard, the Closed Loop Fund greatly aligns with the mission of the Pennsylvania Recycling Markets Center,” said PRMC Secretary, Bob Anderson.
“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.
Among the members of the Closed Loop Fund are Keurig Dr Pepper, Coca-Cola and PepsiCo.
For more information, contact the PA Recycling Markets Center by calling 717-948-6660. The Center is located at Penn State Harrisburg, 777 West Harrisburg Pike, Church Hall, Third Floor in Middletown, Dauphin County.
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