Florida Recycling Loan Program On the Rise

The state-funded program was created to provide access to capital for the purchase of equipment and machinery to companies that manufacture products from recycled materials or convert recyclable materials into raw materials for use in manufacturing. Full Text

The program’s goal is to expand recycling capacity in Florida. Use of the Florida Recycling Loan Program (FRLP) is up during the last several years, but the program’s administrator, Florida First Capital, believes that it remains underutilized and there are many businesses in the state that could potentially benefit from it.

For companies that meet the eligibility criteria, the FRLP is by far their best possible financing option. The program offers long-term fixed-rate loans at interest rates up to 2 percent below Prime, and the maximum loan amount is $200,000. It is limited to for-profit small businesses that are legally licensed and operating in Florida, new creditworthy start-up companies or out-of-state firms considering expansion into Florida. Borrower businesses must also have a net worth of less than $6 million and less than 100 employees.

“Rising energy costs make conservation and recycling more important today than ever before, and the FRLP helps to maintain Florida’s status as a state that encourages recycling initiatives,” said Todd Kocourek, president and founder of Florida First Capital Finance Corporation, “We believe that there are many businesses in the state that could benefit from the FRLP.”