Loans for Recycling Companies
A variety of loans may be available to recycling businesses. While RBAC does not lend money directly, it does provide information on a range of loan types and agencies available to recycling businesses.
N.C. Recycling Loan Fund
Self-Help, North Carolina’s community development banking group, administers the Recycling Business Loan Component of its Environmental Business Loan Fund. The loan fund nurtures fledgling businesses until they become bankable and graduate to full-service private sector financing. Loans are structured as market-rate debt and can be used for working capital, inventory and equipment and real estate purchases. Loans have been made to companies that handle collection and processing of paper, scrap metal, construction/demolition debris, plastics and wood. Loan deals have ranged from $10,000 to more than $1 million (with an average loan size of $75,000) and have leveraged an additional $2 million. Contact Brian Schneiderman, special projects officer, (919) 956-4420.
Natural Capital Investment Fund
North Carolina's Natural Capital Investment Fund targets recycling companies – particularly those focused on the sustainable use of natural resources. NCIF makes loans and investments in the $35,000 to $250,000 range, primarily to expanding businesses (though start-ups with strong management, a proven product or service, and proof of customer demand will be considered). NCIF is an affiliate of The Conservation Fund. Businesses interested in NCIF funding should contact Rick Larson at The Conservation Fund at rlarson@conservationfund.org or by phone at (919) 967-2223, extension 113. A loan application and more information are available on the Fund’s Web site www.ncifund.org.
Mountain BizWorks
Mountain BizWorks meets the needs of its clients through in-depth business planning courses, ongoing technical support and advanced training, and small business loans up to $50,000. Since its founding in 1989, the organization has provided business planning training to more than 3,000 entrepreneurs, assisted in the creation of more than 1,000 locally-owned businesses and have loaned more than $2 Million.
Neuse River Development Authority
NRDA’s subsidiary, Neuse River Development Ventures Inc. has been awarded a U.S. Department of Treasury CDFI Fund Technical Assistance Grant to be used to develop a strategic plan for lending and development services to serve small business borrowers in eastern North Carolina’s Low Income Communities. The NRDV Loan Fund will be a private sector, financial intermediary with community development investment as its primary mission. It will develop new lending products and developmental services that will offer a variety of features that meet the financial needs of entrepreneurs in low income and economically distressed communities.
Small Business Enterprise Loan Fund
The SBE Loan Fund is an innovative public/private fund established to assist small businesses in Anson, Cabarrus, Gaston, Lincoln, Mecklenburg, Rowan and Union Counties with gaining access to capital for seasonal working capital support, permanent working capital and expansion capital.
Small Business Administration Loans
SBA offers numerous loan programs to assist small businesses. Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements and debt refinancing (under special conditions). It is important to note, however, that SBA is primarily a guarantor of loans made by private and other institutions. To learn more about SBA loan programs go to http://www.sba.gov/nc/index.html.
N.C. Rural Economic Development Center Inc. Microenterprise Loan Program
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