January 2017
Commercial Lending
Florida First Capital Participates in Florida Recycles Day Event

Florida Recycles Day celebrates the statewide determination of businesses and residents to ensure recycling is a top priority throughout daily life. The annual event was recently held at the state capital and Florida First Capital, through its role as administrator of the Florida Recycling Loan Program, was pleased to be among a notable list of participants.

Florida First Capital Participates in Florida Recycles Day EventIn partnership with the Florida Department of Environmental Protection and hosted by Florida Recycling Partnership, stakeholders such as Recycle Florida Today, Keep Florida Beautiful and the Southern Waste Information Exchange were in attendance to display recycling information and efforts, in addition to representatives from Publix and the Florida Beverage Association.

In 2015, Florida recycled 13.8 million tons of municipal solid waste, helping to increase the statewide overall recycling rate to 54%. In order for Florida to reach 75% by 2020, a goal established by the Florida Legislature in 2008, the department is urging all sectors, especially the commercial sector, to actively increase recycling efforts.

Along the commercial sector lines, the Florida Recycling Loan Program available through Florida First Capital provides direct access to low-cost capital for the purchase or refinance of machinery and equipment to small businesses that manufacture products from recycled materials or convert recyclable materials into raw materials for use in manufacturing.

Usually, recyclers lease their purchases and often pay very high interest rates over the long term. Not the case under the Florida Recycling Loan Program.

The recycling loan program offers fixed interest rates loans as low as 2% below Prime with repayment terms up to 10 years and only a 10% down payment requirement. Loan amounts range from $20,000 to $200,000.

Recycling loan funds may be used for:

Purchase and installation or refinance of specialized machinery and equipment for an eligible project;

Conversion of existing machinery or equipment for the manufacture of products that contain recyclable materials or final processing of secondary materials; and

Equipment costs, including installation and other equipment preparation expenses.

Recycling loan funds may not be used to finance working capital.

Borrowers must be small businesses that are legally licensed and operating in Florida, new creditworthy start-up companies or out-of-state firms considering expansion into Florida.

For over two decades, the Florida Recycling Loan Program, which is administered by Florida First Capital under a partnership with the Florida Department of Environmental Protection, has helped a wide range of recycling businesses, from processors of recycled materials to manufacturers of recycled products, to grow and expand efficiently and affordably all while diverting solid waste from landfills.

For companies seeking to expand their recycling businesses or retrofit manufacturing operations to recycle secondary materials, the Florida Recycling Loan Program is their best and most cost-effective financing option.

For a Florida Recycling Loan Program application or additional information, contact Guillermo “Gui” Gutierrez, program manager. Email: gui@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504.