Closed Loop Fund to invest in Tennessee recycling program

The Closed Loop Fund (CLF), which issues below-market loans to strengthen the recycling infrastructure throughout the country, has announced plans to invest $3.25 million in Memphis, Tennessee, to help the city develop its recycling program.

The CLF estimates that the introduction of a recycling program in the city will divert more than 48,000 tons of material from landfills.

To accomplish this, The Recycling Partnership, a national nonprofit, is providing $135,000 in communications funding, resources and in-kind support to ensure that Memphians participate and recycle right. In 2014, The Recycling Partnership provided support for the initial 40,000 cart pilot in Memphis.

The CLF says it has access to $100 million that it plans on using to increase the recycling of products and packaging.

Memphis Mayor Jim Strickland says, “The city of Memphis’ recycling program is a core service and highlights our commitment to become a leading progressive city in the South. I’m especially grateful to the Closed Loop Fund for its partnership in making this happen. With their help, over 100,000 recycling carts will be delivered throughout Memphis, with expected increases in recycling volumes to exceed 200 percent.”

“We are excited for the Closed Loop Fund's newest investment and hope it will prove to be a role model for other cities and towns to replicate," says Laura Phillips, senior vice president of Sustainability for Walmart, a chief sponsor of the CLF.

“Today, Closed Loop Fund and our partners are helping 100,000 households gain access to recycling because it saves taxpayer dollars and improves consumer product supply chains. We hope sharing these investments at the U.S. Conference of Mayors (USCM) will inspire mayors and municipalities across the U.S. to invest in recycling as a way to improve their communities and the environment,” says Rob Kaplan, cofounder and managing director of CLF at the recently concluded USCM’s environment committee.

During the annual meeting, the USCM also announced an ambitious list of resolutions that target different facets of the recycling and waste reduction sector.

Co-sponsored by Mayor Greg Stanton of Phoenix, chair of the Environment Committee, the mayors signaled their commitment to recycling by passing resolutions in support of recycling and reducing food waste.

"Innovative public-private solutions like the Closed Loop Fund help communities create a more circular economy," said Mayor Stanton. "We want to encourage communities to protect the environment by continuing to build recycling infrastructure, investing in resident education and expanding recycling programs.”

To view the resolution, click here.