Eureka Recycling receives funding from Closed Loop Fund

Eureka Recycling receives funding from Closed Loop Fund
<![CDATA[

Eureka Recycling, a nonprofit recycling company located in Minneapolis, has secured a $9.9 million financial package from RSF Social Finance, which worked with participating lenders Calvert Foundation and the Closed Loop Fund, to expand its recycling operation in the Minnesota area.

The Calvert Foundation is a nonprofit group that seeks to invest in organizations that develop affordable housing, create jobs, protect the environment and work toward other ways to provide social good. The Closed Loop Fund is a social impact investment fund that provides cities access to the capital required to build comprehensive recycling programs. The Closed Loop Fund aims to invest $100 million by 2020 with the goal to create economic value for cities by increasing recycling rates in communities across America.

“We are so pleased to work with RSF Social Finance and Closed Loop Fund to finance the expansion of Eureka’s work and their social and environmental impact,” says Catherine Godschalk, Calvert Foundation vice president for investments. “The fact that three separate organizations see the value that Eureka creates—not just for the organization but all stakeholders—is a testament to the strength of their approach.”

“In the last 18 months, we’ve reviewed upwards of 150 proposals asking for over $350 million for recycling infrastructure,” says Rob Kaplan, managing director of Closed Loop Fund. “Eureka is the model we compare these applicants to because it demonstrates the heights recycling can reach with the right operations and business model.”

The funding comes after Eureka recently was awarded two five-year service contracts serving Minnesota’s Twin Cities.

The funds will go toward additional equipment for its single-stream material recovery facility (MRF) and a new transport collection fleet. Eureka says the investments will enhance its service to residents and further demonstrate that waste is preventable, not inevitable.

“Recycling can do so much more than just reduce how much trash is going into landfills,” says Kate Davenport, co-president of Eureka. “It can be an effective strategy for addressing issues of climate change and environmental justice.”

]]>
Source: Recycling Today
Eureka Recycling receives funding from Closed Loop Fund
<![CDATA[Eureka Recycling, a nonprofit recycling company located in Minneapolis, has secured a $9.9 million financial package from RSF Social Finance, which worked with participating lenders Calvert Foundation and the Closed Loop Fund, to expand its recycling operation in the Minnesota area. The Calvert Foundation is a nonprofit group that seeks to invest in organizations that develop affordable housing, create jobs, protect the environment and work toward other ways to provide social good. The Closed Loop Fund is a social impact investment fund that provides cities access to the capital required to build comprehensive recycling programs. The Closed Loop Fund aims to invest $100 million by 2020 with the goal to create economic value for cities by increasing recycling rates in communities across America. “We are so pleased to work with RSF Social Finance and Closed Loop Fund to finance the expansion of Eureka’s work and their social and environmental impact,” says Catherine Godschalk, Calvert Foundation vice president for investments. “The fact that three separate organizations see the value that Eureka creates—not just for the organization but all stakeholders—is a testament to the strength of their approach.” “In the last 18 months, we’ve reviewed upwards of 150 proposals asking for over $350…