Recycling Market Development Revolving Loan Program
Final Report to the Legislature
September 1999
S
T A T E
O F
C
A L I F O R N I A
Gray Davis Governor Winston H. Hickox Secretary, California Environmental Protection Agency
INTEGRATED WASTE MANAGEMENT BOARD
Dan Eaton Chairman Steven R. Jones Member Linda Moulton-Patterson Member Daniel G. Pennington Member David A. Roberti Member
Ralph E. Chandler Executive Director
For additional copies of this publication contact the Integrated Waste Management Board Publications Clearinghouse 8800 Cal Center Drive, MS 12 Sacramento, CA 95826 www.ciwmb.ca.gov/Publications/ (800) CA-WASTE (CA only) or (916) 341-6300 Publication #411-99-013 Printed on Recycled Paper
The Integrated Waste Management Board (IWMB) does not discriminate on the basis of disability in access to its programs. IWMB publications are available in accessible formats upon request by calling the Public Affairs Office at (916) 341-6300. Persons with hearing impairments can reach the IWMB through the California Relay Service, 1-800-735-2929.
INTRODUCTION
Purpose and Scope
This report fulfills the requirement included in the Supplemental Report of the 1998 Budget Act, dated August 25, 1998, item 3910-001-0281, #1 Recycling Market Development Revolving Loan Program (previously known as the Recycling Market Development Zone Loan Program). The Supplemental Report requires the Integrated Waste Management Waste Board to submit a final report on the RMDZ Loan Program, by October 31, 1999, to the Honorable Senator Steve Peace, Chair of the Joint Legislative Budget Committee. This report contains an analysis of the effectiveness of the actions the Integrated Waste Management Board (IWMB) has taken to increase the leverage of public funds, lower administrative costs, clarify and document its loan policies, and identifies future actions required to make the program more effective including any statutory changes. The actions were previously described in the Preliminary Report on the Recycling Market Development Revolving Loan Program, submitted in October 1998. Loan funds are available to businesses, not-forprofit organizations, and municipalities located within Recycling Market Development Zones. Zones are business development areas targeted by local jurisdictions and the Board. Many recycling businesses and municipalities have encountered difficulties in obtaining funds to create secondary markets for materials diverted from California’s landfills. The loan program provides a financial incentive to viable businesses to create or expand their manufacturing processes to use recycled materials. Local governments may also borrow funds to expand necessary infrastructure to support recycling industries.
History
By law, California communities must reduce the amount of solid waste disposed in landfills by 50 percent by the year 2000. Under the umbrella of the California Environmental Protection Agency, the Integrated Waste Management Board is responsible for managing California's solid waste stream. The IWMB accomplishes waste diversion through promoting appropriate waste reduction programs, providing public education and outreach, assisting local governments and businesses, fostering market development for recyclable materials, and implementing the loan program. The Recycling Market Development Revolving Loan Program was established by Chapter 1543, Statutes of 1990 (SB 2310, Bergeson). The program was previously named the Recycling Market Development Zone Loan Program.
PROGRAM ENHANCEMENTS
This section outlines enhancements that the Board has made to the RMDZ loan program since its inception, as well as possible future enhancements. the loan. Senate Bill 1535, Chapter 615 (Killea), Statutes of 1996, authorized the IWMB to further leverage loan program funds by participating in CalCAP as an independent contributor in an amount not to exceed $500,000. The IWMB has completed negotiations for an Interagency Agreement with CPCFA for the maximum amount authorized. Under the Interagency Agreement, CPCFA can use IWMB’s funds to help recycling based borrowers obtain capital by offsetting their CalCAP premium, which they would otherwise have to pay. For every $50,000 contributed to pay the borrower’s premium, the borrower could obtain a bank loan of $1 million. Thus, the loan program could leverage with the CalCAP a ratio of 1:20. The Interagency Agreement was signed by both parties and approved by the Department of General Services Legal Office in July 1999. Transfer of $500,000 from IWMB to CPCFA was requested of the Controller’s Office on August 26, 1999.
Increased Leverage of Public Funds
Many recycling businesses and municipalities have encountered difficulties in obtaining funds to increase diversion of waste from landfills. Private lenders are reluctant to lend to recycling businesses because it is a new and emerging industry with an unproven lending track record and very specialized equipment that has a limited resale market. The Recycling Market Development Revolving Loan Program could further leverage and participate with the private sector and other government loan programs to make additional capital available to help businesses involved in waste diversion. This can be accomplished by a sharing of resources, paying part of the borrower’s costs, or adding funds to another program pool of money. This would make capital available to businesses and municipalities. Businesses generally use several different types of financing to cover the cost of either an expansion or a particular project. Examples are bond financing, loan guarantees, portfolio insurance, and joint financing of recycling projects. Specifically, the Board is working with three complimentary funding sources, described in the following sections.
Referrals with USDA
The United States Department of Agriculture (USDA) has a Business and Industry Guarantee Loan Program and a direct loan program. The IWMB and USDA are continuing joint efforts to reach businesses in rural Recycling Market Development Zones. This joint effort will help recycling-based businesses through referrals and sharing of resources and client lists.
Participation in the California Capital Access Program
The California Pollution Control Financing Authority (CPCFA) administers the California Capital Access Program (CalCAP), which encourages banks and other financial institutions to make loans to small businesses that fall just outside of most banks’ conventional underwriting standards. CalCAP is a form of loan portfolio insurance that provides up to 100 percent coverage on certain loan defaults. The lender approves and funds a loan, then purchases CalCAP default insurance to reduce the risk of
Private Sector Financing
The loan program helps stimulate growth in private sector financing for recycling-based businesses. Historically, private lenders have been hesitant to lend to recycling-based businesses because of the unfamiliarity of the industry, specialized equipment, and markets. With the IWMB’s loan program, private lenders only have to finance 50 percent or less of a project and take a first lien position on collateral, and are more willing to lend at this lower level of risk.
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Each loan funded by the IWMB is still fully collateralized and is based on the borrower’s ability to repay. This joint financing and risk sharing has encouraged private lenders to increase the number of recycling-based businesses in their loan portfolios, and as a result become more accepting of recycling-based businesses. The Recycling Market Development Revolving Loan Program has funded $34 million in loans, representing half the total project costs. Generally the borrower has funded 10 percent or $3.4 million, and banks have funded 40 percent or $30.6 million. Thus, the loan program has leveraged with private sector lending institutions at a ratio of 1:1.4.
percentage of loans funded decreased to 11.8 percent, solely because the Board approved and funded an increased number of loans. The costs increased for outside contracts for legal services, loan servicing and closing, and financial advisor/auditing services proportionally with the increase in number of loans funded.
Outside Contract for Loan Servicing
Originally, the loan staff performed the function of servicing and managing a commercial loan portfolio. Staff spent a significant amount of time responding to inquiries about existing loans. Accounting for loan payments was complex because the task was split between the IWMB’s accounting and loan staffs, and another State agency. A contract was executed in October 1997 for a bank to perform loan servicing functions. Specifically, the bank establishes and maintains appropriate loan servicing files, payment records, tickler files, covenants, and house loan documents; issues payment coupons or billing statements; receives and records payments; contacts borrowers for late payments; responds to requests for information on existing loans; and provides reports to IWMB. The bank continues to perform as agreed, and loan staff and borrowers have responded positively to services provided to date. The cost for servicing the RMDZ commercial loan portfolio is variable, depending on the number of loans outstanding.
Lowered Administrative Costs by Contracting Out Loan Services
During the first six years of the loan program (FY 91/97), administrative costs averaged 18 percent due to initial program start-up costs. Costs decreased to 14.4 percent in fiscal year 97/98, because three time-consuming tasks were contracted out to private firms. During fiscal year 98/99, the Board approved and funded an increased number of loans, thus lowering the costs to 11.8 percent.
Administrative Program Costs
The table below shows the total administrative costs of the Recycling Market Development Revolving Loan Program in relation to the dollar amount of loans approved and funded. During FY 98/99, the administrative cost as a
Administrative Costs of the RMDZ Program
(in thousands of dollars) FY 91/92–96/97 Personnel * Legal Loan Servicing (and Loan Closing) Financial Advisor/Auditing Total Administrative Costs Number of Loans Funded Dollar Amount of Loans Funded Adm. Cost as a Percentage of Loans Funded $3,109.3 384.8 305.8 281.0 $4,080.9 55 $22,675.8 18.0% FY 97/98 $ 617.5 37.9 67.0 3.8 $726.2 8 $5,034.1 14.4% FY 98/99 $ 656.6 66.5 100.2 47.1 $ 870.4 10 $ 7,397.0 11.8%
*Includes staff positions, general, in-state travel, printing, overhead, data processing, pro-rata, student assistants, and training.
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Outside Contract for Loan Closing
Previously, IWMB’s legal and loan staff performed the function of loan closing and funding. As a result, staff spent an inordinate amount of time preparing loan documents and coordinating funding. A contract was executed in November 1997 for a bank to perform loanclosing functions. Specifically, the bank prepares loan documents, provides loan-closing services, coordinates loan funding, and prepares documents for changes of loan terms, covenants, or collateral.
Outside Contract for Legal Expense
The service of an attorney who specializes in commercial lending is required when negotiating with sophisticated borrowing entities and with loans in default. A contract was executed in November 1997 for an outside legal firm to provide assistance and consultation on an asneeded basis, to protect the IWMB’s lender/creditor interest. This provides loan and legal staffs with a resource for specialized legal services related to commercial loans. Specifically, the services include negotiations with borrowers on defaulted loans, workout and restructuring agreements, foreclosure action, bankruptcies, eviction proceedings, repossession of collateral, and other related services. The outside attorney has performed in an exemplary manner.
In late 1997, IWMB purchased LaserPro™ computer software. This software is nationally recognized throughout the private lending industry as the best program to prepare loan documents. The program was modified to incorporate government-lending standards, practices, and contract law. Loan documents are now prepared and reviewed in a more expeditious manner, which has significantly decreased overall loan processing time. To date, many loans have been closed and funded using LaserPro™ documents. These borrowers openly accepted the loan documents and signed without question. Overall, this software makes the loan program more attractive to prospective borrowers and will help to ensure success of the program.
Lessened the Requirement for Personal Guarantees
In an effort to lean more toward private industry standards and qualify businesses with more than adequate financial strength, the Board approved less stringent guidelines concerning personal guarantees in May 1997. Under the new guideline, a personal guarantee will be required from any person or related entity owning 20 percent or more of the borrowing entity. The previous requirement was 10 percent or more ownership. This change brings IWMB’s lending guidelines more in conformance with industry standards, makes the program more attractive, and allows borrowers to more easily qualify.
Clarified Loan Documentation and Lending Policies
Since May 1995, the IWMB has completed six major changes to improve the loan program. The purpose of these changes is to make the program more effective.
Accepting Applications Continuously
Originally, the program was structured so that a business could only apply for a loan once a quarter. This made the program less attractive for businesses that needed additional equipment to quickly meet current sales levels. In May 1997, the IWMB changed its procedures to accept loan applications on a continuous basis, instead of on a quarterly cycle. This enhancement makes the loan program more attractive, accelerates loan processing time, and better matches the borrower’s need to expand with availability of funds from the loan program.
Changed to LaserPro™ Loan Documents
At the inception of the program, loan documents were prepared using a word processing program. The documents were very lengthy, technically written, and did not conform to private industry standards. An IWMB borrower would spend many hours reviewing them, and in some cases would incur the cost of an attorney to assist in understanding the State’s loan documents.
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Further Clarified Project Eligibility
Annually, loan staff and the Board review loan program objectives and criteria. In early 1997 input was also obtained from Recycling Market Development Zone administrators and the loan committee. From input received, it was determined that the objectives of the loan program and the types of projects needed to be updated and clarified. In July 1997 the Board approved modifications in several areas of loan program eligibility. Eligible costs and project match criteria were better defined, making it easier for clients and zone administrators to determine proper use of loan funds. Refinancing of onerous debt was clarified and now is only allowed when the project results in increased waste diversion. For the first time, businesses involved in source reduction or reuse became eligible for the program. In June 1998, the Board approved revised project criteria, thus broadening the types of projects eligible under the RMDZ loan program. As a result, additional recycling-based businesses should be able to obtain RMDZ loans, resulting in increased diversion of solid waste from California’s landfills. In June 1999, the Board again considered and approved revised project criteria. Eligibility clarifications were made and additional examples were provided for local government infrastructure and capital improvement projects.
The purpose is to provide greater access to capital for recycling-based businesses.
Hired More Experienced Employees
In 1996, the Board began using the “loan officer” job classification series when hiring or transferring new staff to be assigned to the loan program. Previously, the State did not have a job classification with duties similar to those needed to perform specialized commercial lending functions. Experienced commercial loan officers were first hired in 1996. This change significantly contributed to the ability to market the loan program, more easily determine borrower qualifications, and improve loan processing time. During FY 98/99 the RMDZ loan staff was better able to market the loan program and fund an increased number of loans because staff was more experienced and knowledgeable of the commercial lending industry.
Future Actions to Make the Program More Effective
To further make the RMDZ loan program more effective, IWMB is considering the feasibility of the following three enhancements provide greater capital to recycling-based businesses, thus increasing the diversion of solid waste from California’s landfills.
Raise the project maximum loan amount
During the past year, the recycling-based businesses that have expressed an interest in the RMDZ loan program can be classified as small to medium-sized businesses. The medium-sized businesses seem to be making more efforts to develop technology and methods to divert waste from landfills and produce recycled products. A number of these companies are expanding operations to manufacture or process products that are complimentary to their existing product line, using recycling-based materials. With recycling-based businesses, the equipment is specialized, technologically advanced and becoming increasingly expensive. The installation of this equipment often requires leasehold improvements or building
Decreased Loan Fee to 1½ Percent
In April 1998 Board approved a reduction of the loan fee from 3 percent to 1½ percent. The loan fee was reduced to make the program more attractive to recycling-based businesses and to be more in line with private industry lending practices. The reduction helped finalize one loan, and has increased the number of businesses interested in the loan program. During FY 98/99 an increased number of recycling-based businesses expressed an interest in the RMDZ loan program, resulting in an increased number of loans approved and funded. At its July 1999 meeting, the Board approved a further reduction of the loan fee to 1/2 percent.
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modifications. During the past nine years, the maximum RMDZ loan amount has been $1 million per project. More recently, during the past eighteen months, there has been an increase in the number of inquiries from recycling-based businesses seeking $2 million or more for a project. Thus, to meet the needs of the mediumsized recycling-based business, IWMB is evaluating the feasibility of increasing the maximum loan amount to help finance expensive equipment or real estate.
Promote RMDZ loans to local government entities
Local government entities have always been eligible to apply to the RMDZ loan program, but to date only one city has applied. With local jurisdictions being mandated to divert 50 percent of solid waste from their landfills, there should be a need for them to utilize RMDZ loan proceeds for eligible projects. Effort will be made to inform local jurisdictions of the loan program and the types of projects that are eligible for funding.
Increase the financing percentage of a project from 50 percent
By financing a larger percentage of a project, recycling-based businesses would have greater access to capital. In the emerging recyclingbased industry, most companies are in a growth and expansion mode as new methods become feasible to divert solid waste from landfills. As a company grows, there is a greater need for financing. Currently the RMDZ loan program is limited to financing 50 percent of a project with the constraint that the loan be fully collateralized. By raising the limitation, the RMDZ loan program can provide more funds for a project and improve the collateral position at the same time. Thus IWMB is considering the feasibility of increasing the financing percentage of a project.
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CONCLUSION
During fiscal year 98/99, the above enhancements have proved successful in making the Recycling Market Development Revolving Loan Program more effective. This has increased the number of loans approved and funded, and decreased the administrative costs as a percentage of loans made. Staff has successfully completed and signed an Interagency Agreement with the California Pollution Control Financing Authority to further leverage public funds, and continues to work with the U.S. Department of Agriculture and private lenders by sharing resources to expand the recycling industry and divert waste from California’s landfills. Most borrowers obtained the 50 percent matching funds from private lenders. This has effectively leveraged the loan program fund on a ratio of 1:1. Since the inception of the loan program in 1991, the IWMB has lent $34 million, representing 50 percent of the project costs. This is an increase of $7.4 million since FY 97/98. Private lenders, such as banks, have lent the remainder of the project costs. Through their continued exposure to the program, private lenders have become more willing to finance recycling-based businesses, because of IWMB staff's efforts to educate the lenders on the recycling industry and IWMB’s willingness to share the risk in lending to these businesses. During the past nine years, IWMB’s loan program has funded 73 loans that divert waste from California’s landfills (see attachment). At loan inception, these companies were projected to divert an additional 2.4 million tons of waste annually from California’s landfills. During calendar year 1998, these companies reported preliminary figures of actual annual diversion of 6 million tons of waste. The increased number of RMDZ loans is continuing to develop markets for recycling-based materials. With the enhancements described above, the administrative costs of the loan program as a percentage of loans funded has improved for the third consecutive year.
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Loans Approved and Funded as of June 30, 1999
Company Name Original Loan Amount $175,000 RMDZ Material Type StartUp (Y/N) N Projected Annual Tons Diverted 120000 Proj. Jobs Created 3
Aldo's Landscaping Co., dba Ruiz Engineering Co.
City of Long Beach
Inerts - Asphalt & Concrete
American Soil Products, Inc.
$230,000
Oakland/ Berkeley
Organics
N
70000
3
Apparel Manufacturers Supply Company, Inc.
$500,000
Los Angeles County
Paper -OCC & Tissue
N
1296
6
Arcata Community Recycling Center, Inc.
$68,685
Humboldt County
Other -Multiple Materials
N
5700
7
Badger Forest Products, Inc.
$29,600
Oakland/ Berkeley
Paper - Mixed
N
1200
2
C and H Electronic Recovery, Inc.
$75,000
San Jose
Glass, Plastic, and Metals -Excess computers Plastic
Y
1800
2
California Fiberloft, Inc.
$1,000,000
City of Los Angeles
N
3700
34
California Grey Bears, Inc.
$48,000
Central Coast
Paper - ONP
N
390
0
Coast Recycling North, Inc.
$150,000
Central Coast
Glass - Container
N
7300
8
Cold Creek Compost Inc. (owned by M&M)
$565,000
Sonoma/ Mendocino
OrganicsGreenwaste and agricultural residues Metal and Paper Oil Filters
Y
16500
2
Commercial Filter Recycling, Inc.
$250,000
So. Alameda County
Y
1500
10
Copp Materials, Inc.
$700,000
Anaheim
Concretes, agg. Bases, glass, porcelain & salvaged steel Organics - Food waste, Yard waste, & Straw/manure waste Plastics
N
500000
6
Cranford, Inc.
$120,000
Central Coast
N
27000
3
Crown Poly
$369,000
Los Angeles County
Y
7100
3
8
Company Name
Original Loan Amount $850,000
RMDZ
Material Type
StartUp (Y/N) Y
Projected Annual Tons Diverted 200000
Proj. Jobs Created 7
Eco Pave California
City of Long Beach
Inert -Concrete & Asphalt
Ecology Center
$480,000
Oakland/ Berkeley
Other-Multiple Materials
N
19000
5
Encore Ribbon, Inc.
$50,000
Sonoma/ Mendocino
Ribbon, Laser & Inkjet toner cartridges & used ribbons Textiles
N
40
6
Exclusively Buff, Inc.
$225,000
Chino Valley
Y
38
4
Fiberwood Incorporated
$150,000
Sacramento
Paper - Mixed
Y
20000
21
Golden Bear Packaging, Inc.
$300,000
San Jose
Paper- OCC
N
1000
10
Grover Landscape Services, Inc.
$400,258
San Joaquin County
Organic- Green waste
N
40920
5
GWS Nursery & Supplies
$200,000
LA County
Wood
N
200000
6
Hi Life Products, Inc.
$1,000,000
Chino Valley
Plastic Polyurethane
N
4000
40
Into the Woods
$75,000
Sonoma/ Mendocino
Organics- Wood Waste
Y
1000
5
Jacobson Plastics, Inc.
$300,000
City of Long Beach
Plastic -Various grades
N
980
15
James L. Rossi, Inc., dba Rossi Transport Service
$162,000
Central Coast
Organics- Green waste
N
1450
1
Kroeker, Inc.
$640,000
Fresno
Organics, demolition wood
Y
5440
15
Lionudakis, Phillip
$633,300
Sacramento
Organics
N
45000
5
LogWorld
$250,000
Riverside County
Organics - (Yard Waste), Plastic & Paper
Y
18000
20
9
Company Name
Original Loan Amount $750,000
RMDZ
Material Type
StartUp (Y/N) N
Projected Annual Tons Diverted 31000
Proj. Jobs Created 5
Los Angeles Paper Box & Board Mills
Los Angeles County
Paper - Mixed Waste
M & F Metals (aka Markovits & Fox)
$1,000,000
San Jose
Plastic
N
85800
4
Marfred Industries (Loan #1)
$1,000,000
City of Los Angeles
Paper -(OCC) & Plastic (polyethylene) Paper
Y
1775
28
Marfred Industries (Loan #2)
$1,000,000
City of Los Angeles
N
3000
10
Marplast, Inc.
$334,000
Ventura County
Plastics
Y
500
15
Marplast, Inc.
$200,000
Ventura County
Plastic - HDPE & PPO
Y
225
21
Marspring Co., dba Los Angeles Fiber Co. (Loan #1)
$1,000,000
Los Angeles County
Textiles
N
37500
25
Marspring Corp. dba LA Fiber (Loan #2)
$600,000
Los Angeles County
Textiles
Y
33000
15
MBA Polymers, Inc.
$1,000,000
Contra Costa
Plastics
Y
14000
13
McCoy Sanitary Supply Co., dba Amigo Bag & Lining Co.
$60,000
Oakland/ Berkeley
Plastics - Other (PP Fabric)
N
924
21
North Valley Recon, Inc.
$300,000
Glenn County
Inert - Concrete & Asphalt
Y
25000
3
O.E. Clark Printed Specialties
$610,000
Los Angeles County
Paper
N
3500
4
Oak Paper Products Co. Inc., dba Acorn Paper Products Co.
$1,000,000
City of Los Angeles
Paper- OCC
N
11280
8
Oak Paper Products, Inc (Acorn Paper Products)
$900,000
City of LA
Paper
N
4500
11
Oceanside Glasstile Company
$76,000
North San Diego County
Glass - Container
Y
350
11
10
Company Name
Original Loan Amount $196,000
RMDZ
Material Type
StartUp (Y/N) Y
Projected Annual Tons Diverted 40000
Proj. Jobs Created 10
Organic Recycling West, Inc.
San Diego
Organics - Yard Waste
Pacific Steel Casting Company
$684,950
Oakland/ Berkeley
Inerts- Foundry Sand
N
8000
4
Parco Recycling of California, Inc. (Loan #1 RMDZ Fund))
$850,000
City of Los Angeles
Tires
Y
15000
25
Parco Recycling of California, Inc. (Loan #2 Tire Fund)
$150,000
City of Los Angeles
Tires
Y
Inc. Above
Inc. Above
Paul T Beck Contractors (DKD Investment)
$335,000
Central Coast
Inert - Concrete & Asphalt
N
244000
4
Plastic Form, Inc.
$60,000
City of Los Angeles
Plastic - Polystyrene
N
270
2
Plastic Works, Inc.
$112,270
Oakland/ Berkeley
Plastic - PET & PO
N
115
7
Plastopan North America, Inc.
$700,000
City of Los Angeles
Plastic - HDPE
Y
720
30
Poly-Tainer
$1,000,000
Ventura
Plastic
N
700
30
Porterville Sheltered Workshop
$475,000
City of Porterville
Paper -Pre-waxed cardboard and sawdust Concrete
N
1941.33
3
Precon Products, Inc.
$1,000,000
Ventura
N
5600
13
Princess Paper, Inc.
$375,000
LA County
Paper
Y
900
17
Productivity California, Inc.
$266,000
Los Angeles Plastic - HDPE, PP County & PVC
N
5800
5
Rancho Dos Amigos, LLC
$682,000
Ventura
Mulching
Y
24000
11
Recycled Lumberworks
$40,000
Sonoma/ Mendocino
Organics- Wood Waste
Y
42
2
11
Company Name
Original Loan Amount $500,000
RMDZ
Material Type
StartUp (Y/N) Y
Projected Annual Tons Diverted 65000
Proj. Jobs Created 40
Recycling Earth Products, Inc.
San Diego
Inert - Drywall
Remedial Environmental Marketing, Inc., dba REMCO
$400,000
Contra Costa County
Inerts - Soil
Y
261360
12
Romac Supply Company, Inc.
$1,000,000
LA County
Electrical
N
3000
10
Schnitzer Steel Industries, Inc.
$750,000
Oakland/ Berkeley
Metals - White Goods
N
60000
5
Simi Valley Base, Inc.
$200,000
Ventura County
Inerts - Asphalt, Concrete, & Brick
Y
6000
2
Talco Plastics, Inc. (Loan #1)
$850,000
City of Long Beach
Plastics - HDPE & Film
N
7500
50
Talco Plastics, Inc. (Loan #2)
$600,000
City of Long Beach
Plastic -HDPE
N
10000
10
The Don Chapin Co., Inc.
$900,000
Central Coastal
C&D
N
100000
6
The Plactory, Inc.
$75,000
Central Coast
Plastic - HDPE, Film, & Other
N
100
12
The Sutta Company, Inc.
$210,500
Ventura County Ventura County
Paper
N
8000
6
The Sutta Company, Inc.
$150,000
Paper - Mill Sludge
N
500
6
Tigon Industries, Inc. (Tire Fund)
$500,000
Agua Mansa
Tires and Rubber
Y
17100
18
TWDC Industries Corp dba Vision Recycling Viking Container Company
$371,134
So. Alameda County San Jose
Green Waste
Y
30400
3
$700,000
Paper - OCC, Plastic - Various Resins, and Wood Waste
N
1252
30
TOTAL:
73 LOANS
$33,958,697
2,490,008
334
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