Recycling Market Development Revolving Loan Program: Final Report to the Legislature

Recycling Market Development Revolving Loan Program

Final Report to the Legislature

September 1999 S T A T E O F C A L I F O R N I A

Gray Davis Governor

Winston H. Hickox Secretary, California Environmental Protection Agency

 INTEGRATED WASTE MANAGEMENT BOARD Dan Eaton Chairman Steven R. Jones Member Linda Moulton-Patterson Member Daniel G. Pennington Member David A. Roberti Member  Ralph E. Chandler Executive Director

For additional copies of this publication contact the Integrated Waste Management Board Publications Clearinghouse 8800 Cal Center Drive, MS 12 Sacramento, CA 95826 www.ciwmb.ca.gov/Publications/ (800) CA-WASTE (CA only) or (916) 341-6300

Publication #411-99-013 Printed on Recycled Paper

The Integrated Waste Management Board (IWMB) does not discriminate on the basis of disability in access to its programs. IWMB publications are available in accessible formats upon request by calling the Public Affairs Office at (916) 341-6300. Persons with hearing impairments can reach the IWMB through the California Relay Service, 1-800-735-2929. INTRODUCTION

Purpose and Scope program was previously named the Recycling Market Development Zone Loan Program. This report fulfills the requirement included in the Supplemental Report of the 1998 Budget Act, Loan funds are available to businesses, not-for- dated August 25, 1998, item 3910-001-0281, #1 profit organizations, and municipalities located Recycling Market Development Revolving Loan within Recycling Market Development Zones. Program (previously known as the Recycling Zones are business development areas targeted Market Development Zone Loan Program). The by local jurisdictions and the Board. Supplemental Report requires the Integrated Many recycling businesses and municipalities Waste Management Waste Board to submit a have encountered difficulties in obtaining funds final report on the RMDZ Loan Program, by to create secondary markets for materials October 31, 1999, to the Honorable Senator diverted from California’s landfills. The loan Steve Peace, Chair of the Joint Legislative program provides a financial incentive to viable Budget Committee. businesses to create or expand their This report contains an analysis of the manufacturing processes to use recycled effectiveness of the actions the Integrated Waste materials. Management Board (IWMB) has taken to Local governments may also borrow funds to increase the leverage of public funds, lower expand necessary infrastructure to support administrative costs, clarify and document its recycling industries. loan policies, and identifies future actions required to make the program more effective including any statutory changes. The actions were previously described in the Preliminary Report on the Recycling Market Development Revolving Loan Program, submitted in October 1998.

History By law, California communities must reduce the amount of solid waste disposed in landfills by 50 percent by the year 2000. Under the umbrella of the California Environmental Protection Agency, the Integrated Waste Management Board is responsible for managing California's solid waste stream. The IWMB accomplishes waste diversion through promoting appropriate waste reduction programs, providing public education and outreach, assisting local governments and businesses, fostering market development for recyclable materials, and implementing the loan program. The Recycling Market Development Revolving Loan Program was established by Chapter 1543, Statutes of 1990 (SB 2310, Bergeson). The PROGRAM ENHANCEMENTS

This section outlines enhancements that the the loan. Senate Bill 1535, Chapter 615 Board has made to the RMDZ loan program (Killea), Statutes of 1996, authorized the IWMB since its inception, as well as possible future to further leverage loan program funds by enhancements. participating in CalCAP as an independent contributor in an amount not to exceed Increased Leverage of Public Funds $500,000. Many recycling businesses and municipalities The IWMB has completed negotiations for an have encountered difficulties in obtaining funds Interagency Agreement with CPCFA for the to increase diversion of waste from landfills. maximum amount authorized. Under the Private lenders are reluctant to lend to recycling Interagency Agreement, CPCFA can use businesses because it is a new and emerging IWMB’s funds to help recycling based industry with an unproven lending track record borrowers obtain capital by offsetting their and very specialized equipment that has a CalCAP premium, which they would otherwise limited resale market. have to pay. For every $50,000 contributed to pay the borrower’s premium, the borrower could The Recycling Market Development Revolving obtain a bank loan of $1 million. Thus, the loan Loan Program could further leverage and program could leverage with the CalCAP a ratio participate with the private sector and other of 1:20. The Interagency Agreement was signed government loan programs to make additional by both parties and approved by the Department capital available to help businesses involved in of General Services Legal Office in July 1999. waste diversion. This can be accomplished by a Transfer of $500,000 from IWMB to CPCFA sharing of resources, paying part of the was requested of the Controller’s Office on borrower’s costs, or adding funds to another August 26, 1999. program pool of money. This would make capital available to businesses and Referrals with USDA municipalities. Businesses generally use several different types of financing to cover the cost of The United States Department of Agriculture either an expansion or a particular project. (USDA) has a Business and Industry Guarantee Examples are bond financing, loan guarantees, Loan Program and a direct loan program. The portfolio insurance, and joint financing of IWMB and USDA are continuing joint efforts to recycling projects. Specifically, the Board is reach businesses in rural Recycling Market working with three complimentary funding Development Zones. This joint effort will help sources, described in the following sections. recycling-based businesses through referrals and sharing of resources and client lists. Participation in the California Capital Private Sector Financing Access Program The loan program helps stimulate growth in The California Pollution Control Financing private sector financing for recycling-based Authority (CPCFA) administers the California businesses. Historically, private lenders have Capital Access Program (CalCAP), which been hesitant to lend to recycling-based encourages banks and other financial institutions businesses because of the unfamiliarity of the to make loans to small businesses that fall just industry, specialized equipment, and markets. outside of most banks’ conventional With the IWMB’s loan program, private lenders underwriting standards. CalCAP is a form of only have to finance 50 percent or less of a loan portfolio insurance that provides up to 100 project and take a first lien position on percent coverage on certain loan defaults. The collateral, and are more willing to lend at this lender approves and funds a loan, then purchases lower level of risk. CalCAP default insurance to reduce the risk of

2 Each loan funded by the IWMB is still fully FY 98/99, the administrative cost as a collateralized and is based on the borrower’s percentage of loans funded decreased to 11.8 ability to repay. This joint financing and risk percent, solely because the Board approved and sharing has encouraged private lenders to funded an increased number of loans. The costs increase the number of recycling-based increased for outside contracts for legal services, businesses in their loan portfolios, and as a loan servicing and closing, and financial result become more accepting of recycling-based advisor/auditing services proportionally with the businesses. The Recycling Market Development increase in number of loans funded. Revolving Loan Program has funded $34 million in loans, representing half the total Outside Contract for Loan Servicing project costs. Generally the borrower has Originally, the loan staff performed the function funded 10 percent or $3.4 million, and banks of servicing and managing a commercial loan have funded 40 percent or $30.6 million. Thus, portfolio. Staff spent a significant amount of the loan program has leveraged with private time responding to inquiries about existing sector lending institutions at a ratio of 1:1.4. loans. Accounting for loan payments was complex because the task was split between the Lowered Administrative Costs by IWMB’s accounting and loan staffs, and another Contracting Out Loan Services State agency. During the first six years of the loan program A contract was executed in October 1997 for a (FY 91/97), administrative costs averaged 18 bank to perform loan servicing functions. percent due to initial program start-up costs. Specifically, the bank establishes and maintains Costs decreased to 14.4 percent in fiscal year appropriate loan servicing files, payment 97/98, because three time-consuming tasks were records, tickler files, covenants, and house loan contracted out to private firms. During fiscal documents; issues payment coupons or billing year 98/99, the Board approved and funded an statements; receives and records payments; increased number of loans, thus lowering the contacts borrowers for late payments; responds costs to 11.8 percent. to requests for information on existing loans; and provides reports to IWMB. Administrative Program Costs The bank continues to perform as agreed, and The table below shows the total administrative loan staff and borrowers have responded costs of the Recycling Market Development positively to services provided to date. The cost Revolving Loan Program in relation to the dollar for servicing the RMDZ commercial loan amount of loans approved and funded. During portfolio is variable, depending on the number of loans outstanding.

Administrative Costs of the RMDZ Program (in thousands of dollars) FY 91/92–96/97 FY 97/98 FY 98/99 Personnel * $3,109.3 $ 617.5 $ 656.6 Legal 384.8 37.9 66.5 Loan Servicing (and Loan Closing) 305.8 67.0 100.2 Financial Advisor/Auditing 281.0 3.8 47.1 Total Administrative Costs $4,080.9 $726.2 $ 870.4 Number of Loans Funded 55 8 10 Dollar Amount of Loans Funded $22,675.8 $5,034.1 $ 7,397.0 Adm. Cost as a Percentage of Loans Funded 18.0% 14.4% 11.8%

3 *Includes staff positions, general, in-state travel, printing, overhead, data processing, pro-rata, student assistants, and training. Outside Contract for Loan Closing In late 1997, IWMB purchased LaserPro™ Previously, IWMB’s legal and loan staff computer software. This software is nationally performed the function of loan closing and recognized throughout the private lending funding. As a result, staff spent an inordinate industry as the best program to prepare loan amount of time preparing loan documents and documents. The program was modified to coordinating funding. A contract was executed incorporate government-lending standards, in November 1997 for a bank to perform loan- practices, and contract law. Loan documents are closing functions. Specifically, the bank now prepared and reviewed in a more prepares loan documents, provides loan-closing expeditious manner, which has significantly services, coordinates loan funding, and prepares decreased overall loan processing time. To date, documents for changes of loan terms, covenants, many loans have been closed and funded using or collateral. LaserPro™ documents. These borrowers openly accepted the loan documents and signed without Outside Contract for Legal Expense question. Overall, this software makes the loan program more attractive to prospective The service of an attorney who specializes in borrowers and will help to ensure success of the commercial lending is required when program. negotiating with sophisticated borrowing entities and with loans in default. A contract was Lessened the Requirement for Personal executed in November 1997 for an outside legal Guarantees firm to provide assistance and consultation on an as-needed basis, to protect the IWMB’s In an effort to lean more toward private industry lender/creditor interest. This provides loan and standards and qualify businesses with more than legal staffs with a resource for specialized legal adequate financial strength, the Board approved services related to commercial loans. less stringent guidelines concerning personal Specifically, the services include negotiations guarantees in May 1997. Under the new with borrowers on defaulted loans, workout and guideline, a personal guarantee will be required restructuring agreements, foreclosure action, from any person or related entity owning 20 bankruptcies, eviction proceedings, repossession percent or more of the borrowing entity. The of collateral, and other related services. The previous requirement was 10 percent or more outside attorney has performed in an exemplary ownership. This change brings IWMB’s lending manner. guidelines more in conformance with industry standards, makes the program more attractive, Clarified Loan Documentation and and allows borrowers to more easily qualify. Lending Policies Accepting Applications Continuously Since May 1995, the IWMB has completed six Originally, the program was structured so that a major changes to improve the loan program. business could only apply for a loan once a The purpose of these changes is to make the quarter. This made the program less attractive program more effective. for businesses that needed additional equipment to quickly meet current sales levels. In May Changed to LaserPro™ Loan Documents 1997, the IWMB changed its procedures to At the inception of the program, loan documents accept loan applications on a continuous basis, were prepared using a word processing program. instead of on a quarterly cycle. This The documents were very lengthy, technically enhancement makes the loan program more written, and did not conform to private industry attractive, accelerates loan processing time, and standards. An IWMB borrower would spend better matches the borrower’s need to expand many hours reviewing them, and in some cases with availability of funds from the loan program. would incur the cost of an attorney to assist in understanding the State’s loan documents.

4 Further Clarified Project Eligibility The purpose is to provide greater access to Annually, loan staff and the Board review loan capital for recycling-based businesses. program objectives and criteria. In early 1997 input was also obtained from Recycling Market Hired More Experienced Employees Development Zone administrators and the loan In 1996, the Board began using the “loan committee. From input received, it was officer” job classification series when hiring or determined that the objectives of the loan transferring new staff to be assigned to the loan program and the types of projects needed to be program. Previously, the State did not have a updated and clarified. job classification with duties similar to those needed to perform specialized commercial In July 1997 the Board approved modifications lending functions. Experienced commercial in several areas of loan program eligibility. loan officers were first hired in 1996. This Eligible costs and project match criteria were change significantly contributed to the ability to better defined, making it easier for clients and market the loan program, more easily determine zone administrators to determine proper use of borrower qualifications, and improve loan loan funds. Refinancing of onerous debt was processing time. clarified and now is only allowed when the project results in increased waste diversion. During FY 98/99 the RMDZ loan staff was For the first time, businesses involved in source better able to market the loan program and fund reduction or reuse became eligible for the an increased number of loans because staff was program. more experienced and knowledgeable of the commercial lending industry. In June 1998, the Board approved revised project criteria, thus broadening the types of projects eligible under the RMDZ loan program. Future Actions to Make the As a result, additional recycling-based Program More Effective businesses should be able to obtain RMDZ To further make the RMDZ loan program more loans, resulting in increased diversion of solid effective, IWMB is considering the feasibility of waste from California’s landfills. the following three enhancements provide greater capital to recycling-based businesses, In June 1999, the Board again considered and thus increasing the diversion of solid waste from approved revised project criteria. Eligibility California’s landfills. clarifications were made and additional examples were provided for local government Raise the project maximum loan amount infrastructure and capital improvement projects. During the past year, the recycling-based Decreased Loan Fee to 1½ Percent businesses that have expressed an interest in the In April 1998 Board approved a reduction of the RMDZ loan program can be classified as small loan fee from 3 percent to 1½ percent. The loan to medium-sized businesses. The medium-sized fee was reduced to make the program more businesses seem to be making more efforts to attractive to recycling-based businesses and to develop technology and methods to divert waste be more in line with private industry lending from landfills and produce recycled products. A practices. The reduction helped finalize one number of these companies are expanding loan, and has increased the number of businesses operations to manufacture or process products interested in the loan program. During FY that are complimentary to their existing product 98/99 an increased number of recycling-based line, using recycling-based materials. businesses expressed an interest in the RMDZ With recycling-based businesses, the equipment loan program, resulting in an increased number is specialized, technologically advanced and of loans approved and funded. becoming increasingly expensive. The At its July 1999 meeting, the Board approved a installation of this equipment often requires further reduction of the loan fee to 1/2 percent. leasehold improvements or building

5 modifications. During the past nine years, the Promote RMDZ loans to local government maximum RMDZ loan amount has been $1 entities million per project. More recently, during the Local government entities have always been past eighteen months, there has been an increase eligible to apply to the RMDZ loan program, but in the number of inquiries from recycling-based to date only one city has applied. With local businesses seeking $2 million or more for a jurisdictions being mandated to divert 50 percent project. Thus, to meet the needs of the medium- of solid waste from their landfills, there should sized recycling-based business, IWMB is be a need for them to utilize RMDZ loan evaluating the feasibility of increasing the proceeds for eligible projects. Effort will be maximum loan amount to help finance made to inform local jurisdictions of the loan expensive equipment or real estate. program and the types of projects that are eligible for funding. Increase the financing percentage of a project from 50 percent By financing a larger percentage of a project, recycling-based businesses would have greater access to capital. In the emerging recycling- based industry, most companies are in a growth and expansion mode as new methods become feasible to divert solid waste from landfills. As a company grows, there is a greater need for financing. Currently the RMDZ loan program is limited to financing 50 percent of a project with the constraint that the loan be fully collateralized. By raising the limitation, the RMDZ loan program can provide more funds for a project and improve the collateral position at the same time. Thus IWMB is considering the feasibility of increasing the financing percentage of a project.

6 CONCLUSION

During fiscal year 98/99, the above During the past nine years, IWMB’s loan enhancements have proved successful in making program has funded 73 loans that divert waste the Recycling Market Development Revolving from California’s landfills (see attachment). At Loan Program more effective. This has loan inception, these companies were projected increased the number of loans approved and to divert an additional 2.4 million tons of waste funded, and decreased the administrative costs annually from California’s landfills. During as a percentage of loans made. Staff has calendar year 1998, these companies reported successfully completed and signed an preliminary figures of actual annual diversion of Interagency Agreement with the California 6 million tons of waste. The increased number Pollution Control Financing Authority to further of RMDZ loans is continuing to develop leverage public funds, and continues to work markets for recycling-based materials. With the with the U.S. Department of Agriculture and enhancements described above, the private lenders by sharing resources to expand administrative costs of the loan program as a the recycling industry and divert waste from percentage of loans funded has improved for the California’s landfills. Most borrowers obtained third consecutive year. the 50 percent matching funds from private lenders. This has effectively leveraged the loan program fund on a ratio of 1:1. Since the inception of the loan program in 1991, the IWMB has lent $34 million, representing 50 percent of the project costs. This is an increase of $7.4 million since FY 97/98. Private lenders, such as banks, have lent the remainder of the project costs. Through their continued exposure to the program, private lenders have become more willing to finance recycling-based businesses, because of IWMB staff's efforts to educate the lenders on the recycling industry and IWMB’s willingness to share the risk in lending to these businesses.

7 Loans Approved and Funded as of June 30, 1999

Company Name Original Loan RMDZ Material Type Start- Projected Proj. Jobs Amount Up Annual Tons Created (Y/N) Diverted Aldo's Landscaping Co., dba $175,000 City of Long Inerts - Asphalt & N 120000 3 Ruiz Engineering Co. Beach Concrete

American Soil Products, Inc. $230,000 Oakland/ Organics N 70000 3 Berkeley

Apparel Manufacturers Supply $500,000 Los Angeles Paper -OCC & N 1296 6 Company, Inc. County Tissue

Arcata Community Recycling $68,685 Humboldt Other -Multiple N 5700 7 Center, Inc. County Materials

Badger Forest Products, Inc. $29,600 Oakland/ Paper - Mixed N 1200 2 Berkeley

C and H Electronic Recovery, $75,000 San Jose Glass, Plastic, and Y 1800 2 Inc. Metals -Excess computers

California Fiberloft, Inc. $1,000,000 City of Los Plastic N 3700 34 Angeles

California Grey Bears, Inc. $48,000 Central Paper - ONP N 390 0 Coast

Coast Recycling North, Inc. $150,000 Central Glass - Container N 7300 8 Coast

Cold Creek Compost Inc. $565,000 Sonoma/ Organics- Y 16500 2 (owned by M&M) Mendocino Greenwaste and agricultural residues

Commercial Filter Recycling, $250,000 So. Alameda Metal and Paper - Y 1500 10 Inc. County Oil Filters

Copp Materials, Inc. $700,000 Anaheim Concretes, agg. N 500000 6 Bases, glass, porcelain & salvaged steel

Cranford, Inc. $120,000 Central Organics - Food N 27000 3 Coast waste, Yard waste, & Straw/manure waste Crown Poly $369,000 Los Angeles Plastics Y 7100 3 County

8 Company Name Original Loan RMDZ Material Type Start- Projected Proj. Jobs Amount Up Annual Tons Created (Y/N) Diverted Eco Pave California $850,000 City of Long Inert -Concrete & Y 200000 7 Beach Asphalt

Ecology Center $480,000 Oakland/ Other-Multiple N 19000 5 Berkeley Materials

Encore Ribbon, Inc. $50,000 Sonoma/ Ribbon, Laser & N 40 6 Mendocino Inkjet toner cartridges & used ribbons

Exclusively Buff, Inc. $225,000 Chino Valley Textiles Y 38 4

Fiberwood Incorporated $150,000 Sacramento Paper - Mixed Y 20000 21

Golden Bear Packaging, Inc. $300,000 San Jose Paper- OCC N 1000 10

Grover Landscape Services, $400,258 San Joaquin Organic- Green N 40920 5 Inc. County waste

GWS Nursery & Supplies $200,000 LA County Wood N 200000 6

Hi Life Products, Inc. $1,000,000 Chino Valley Plastic - N 4000 40 Polyurethane

Into the Woods $75,000 Sonoma/ Organics- Wood Y 1000 5 Mendocino Waste

Jacobson Plastics, Inc. $300,000 City of Long Plastic -Various N 980 15 Beach grades

James L. Rossi, Inc., dba $162,000 Central Organics- Green N 1450 1 Rossi Transport Service Coast waste

Kroeker, Inc. $640,000 Fresno Organics, demolition Y 5440 15 wood

Lionudakis, Phillip $633,300 Sacramento Organics N 45000 5

LogWorld $250,000 Riverside Organics - (Yard Y 18000 20 County Waste), Plastic & Paper

9 Company Name Original Loan RMDZ Material Type Start- Projected Proj. Jobs Amount Up Annual Tons Created (Y/N) Diverted Los Angeles Paper Box & $750,000 Los Angeles Paper - Mixed N 31000 5 Board Mills County Waste

M & F Metals (aka Markovits & $1,000,000 San Jose Plastic N 85800 4 Fox)

Marfred Industries (Loan #1) $1,000,000 City of Los Paper -(OCC) & Y 1775 28 Angeles Plastic - (polyethylene)

Marfred Industries (Loan #2) $1,000,000 City of Los Paper N 3000 10 Angeles

Marplast, Inc. $334,000 Ventura Plastics Y 500 15 County

Marplast, Inc. $200,000 Ventura Plastic - HDPE & Y 225 21 County PPO

Marspring Co., dba Los $1,000,000 Los Angeles Textiles N 37500 25 Angeles Fiber Co. (Loan #1) County

Marspring Corp. dba LA Fiber $600,000 Los Angeles Textiles Y 33000 15 (Loan #2) County

MBA Polymers, Inc. $1,000,000 Contra Costa Plastics Y 14000 13

McCoy Sanitary Supply Co., $60,000 Oakland/ Plastics - Other (PP N 924 21 dba Amigo Bag & Lining Co. Berkeley Fabric)

North Valley Recon, Inc. $300,000 Glenn Inert - Concrete & Y 25000 3 County Asphalt

O.E. Clark Printed Specialties $610,000 Los Angeles Paper N 3500 4 County

Oak Paper Products Co. Inc., $1,000,000 City of Los Paper- OCC N 11280 8 dba Acorn Paper Products Co. Angeles

Oak Paper Products, Inc $900,000 City of LA Paper N 4500 11 (Acorn Paper Products)

Oceanside Glasstile Company $76,000 North San Glass - Container Y 350 11 Diego County

10 Company Name Original Loan RMDZ Material Type Start- Projected Proj. Jobs Amount Up Annual Tons Created (Y/N) Diverted Organic Recycling West, Inc. $196,000 San Diego Organics - Yard Y 40000 10 Waste

Pacific Steel Casting Company $684,950 Oakland/ Inerts- Foundry N 8000 4 Berkeley Sand

Parco Recycling of California, $850,000 City of Los Tires Y 15000 25 Inc. (Loan #1 RMDZ Fund)) Angeles

Parco Recycling of California, $150,000 City of Los Tires Y Inc. Above Inc. Above Inc. (Loan #2 Tire Fund) Angeles

Paul T Beck Contractors (DKD $335,000 Central Inert - Concrete & N 244000 4 Investment) Coast Asphalt

Plastic Form, Inc. $60,000 City of Los Plastic - Polystyrene N 270 2 Angeles

Plastic Works, Inc. $112,270 Oakland/ Plastic - PET & PO N 115 7 Berkeley

Plastopan North America, Inc. $700,000 City of Los Plastic - HDPE Y 720 30 Angeles

Poly-Tainer $1,000,000 Ventura Plastic N 700 30

Porterville Sheltered Workshop $475,000 City of Paper -Pre-waxed N 1941.33 3 Porterville cardboard and sawdust

Precon Products, Inc. $1,000,000 Ventura Concrete N 5600 13

Princess Paper, Inc. $375,000 LA County Paper Y 900 17

Productivity California, Inc. $266,000 Los Angeles Plastic - HDPE, PP N 5800 5 County & PVC

Rancho Dos Amigos, LLC $682,000 Ventura Mulching Y 24000 11

Recycled Lumberworks $40,000 Sonoma/ Organics- Wood Y 42 2 Mendocino Waste

11 Company Name Original Loan RMDZ Material Type Start- Projected Proj. Jobs Amount Up Annual Tons Created (Y/N) Diverted Recycling Earth Products, Inc. $500,000 San Diego Inert - Drywall Y 65000 40

Remedial Environmental $400,000 Contra Costa Inerts - Soil Y 261360 12 Marketing, Inc., dba REMCO County

Romac Supply Company, Inc. $1,000,000 LA County Electrical N 3000 10

Schnitzer Steel Industries, Inc. $750,000 Oakland/ Metals - White N 60000 5 Berkeley Goods

Simi Valley Base, Inc. $200,000 Ventura Inerts - Asphalt, Y 6000 2 County Concrete, & Brick

Talco Plastics, Inc. (Loan #1) $850,000 City of Long Plastics - HDPE & N 7500 50 Beach Film

Talco Plastics, Inc. (Loan #2) $600,000 City of Long Plastic -HDPE N 10000 10 Beach

The Don Chapin Co., Inc. $900,000 Central C & D N 100000 6 Coastal

The Plactory, Inc. $75,000 Central Plastic - HDPE, N 100 12 Coast Film, & Other

The Sutta Company, Inc. $210,500 Ventura Paper N 8000 6 County

The Sutta Company, Inc. $150,000 Ventura Paper - Mill Sludge N 500 6 County

Tigon Industries, Inc. $500,000 Agua Mansa Tires and Rubber Y 17100 18 (Tire Fund)

TWDC Industries Corp dba $371,134 So. Alameda Green Waste Y 30400 3 Vision Recycling County

Viking Container Company $700,000 San Jose Paper - OCC, N 1252 30 Plastic - Various Resins, and Wood Waste

TOTAL: 73 LOANS $33,958,697 2,490,008 334