Resource Recycling reports that large corporations have come together to create the Closed Loop Fund, which will provide loans for recycling projects.
The pot: $100 million.
The loans will be open to municipalities (interest free) and business entities (interest 'below market rate') throughout North America as well as the Caribbean.
Aimed at encouraging more recycling, the fund will invest in projects such as transitions from bins to carts, construction of new MRFs and anaerobic digestion development.
The website ClosedLoopFund.com will be live next week and the proposal submission period will be open on October 15.
This initative is the result of large corporations such as Wal-mart, and Pepsi wanting to help finance projects that will increase recycling. These companies say they have struggled to consistently source enough recovered material to meet their recycled content goals.