Ventura County Businesses receive over $12m in State loans

State fund has over $20m remaining for recycling-based businesses, and more to be allocated next year
 
VENTURA, Calif. - Dec. 9, 2022 - PRLog -- Three Ventura County businesses were recently approved for 4%, fixed-rate loans totaling $12,739,000 through the Ventura County Recycling Market Development Zone (RMDZ) program.  The RMDZ is a statewide program consisting of 40 zones, and  is administered in Ventura County by the Ventura County Public Works Agency.

The RMDZ helps businesses use recycled material to make products by aiding with finance, permits, site selection, business planning, and other resources.  Low-interest loans, typically 4% fixed interest rate, loans for this program come from state funds derived from landfill tip fee surcharges collected by the California Department of Resources Recycling and Recovery (CalRecycle). All of Ventura County is in the Recycling Market Development Zone, making all local businesses eligible for incentives to make products from discards.

In November, state, county and city officials presented a check for $11 million, the largest loan in the 30-year statewide history of the market development program, to CEO Ira Maroofian of Pinnpack Plastic Packaging, in Oxnard. As a result, this company will not only use more recycled plastic to make its packaging, but it will also enter the "circular economy," making its packaging and other non-bottle PET plastic recyclable.

The second recent loan, for $1,204,000, was provided to Progressive Environmental Industries in Oxnard.  Owner Arturo Gonzalez operates a mulching business in Santa Barbara and recently completed permitting to open a second location, Ojai Valley Organics.

Beatrice Vasquez, the owner of Oxnard Pallet Company, was the third loan recipient, receiving $535,000. This loan will help the company disassemble and repair more off-spec and broken used pallets, turning these castoffs into valuable, standard 48"x 40", 4-way pallets.

Together, these companies employ over 250 people and contribute to the local economy through property tax, sales tax, donations, and purchases from suppliers, all while creating valuable products needed by individuals and other businesses.

The RMDZ loans will allow these businesses to expand, hire more workers, and use more recycled materials, a win for our environment, businesses, and local economy. "Since 1992, this program has helped nearly 40 businesses secure loans and grants, and has helped dozens more with acquiring materials, permitting, and other assistance," said David Goldstein, administrator of the Ventura County RMDZ.  All Ventura County businesses are eligible for incentives to make products from discards.

Businesses interested in incentives should contact David Goldstein, administrator of the Ventura County RMDZ, at (805) 658-4312 or david.goldstein@ventura.org.

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