Looney Bins Inc., a construction and demolition recycling facility located in the Los Angeles area, recently received a loan of $2 million to open a new facility in the city of Los Angeles. The loan was funded by the California Integrated Waste Management Board, and is geared toward companies seeking to operate within one of the states recycling enterprise zones.
The loan has an interest rate of 1.9 percent and it carries a term of 10 years.
The company presently operates a C&D facility in Sun Valley, Calif., where it processes for recycling concrete, wood, drywall and metal.
A spokesman for Looney Bins says that the money will go toward purchasing a Lubo system, three Star Screens,as well as magnetic separators and an air system. The equipment is expected to be delivered by early next year, and the company hopes to start processing material at the new location by this coming April.
The facility is being designed to handle 1,500 tons of material a day, with the expectation that more than 80 percent of the material will be sorted for recycling. An added feature of the new facility is that all the processing will take place inside a building on the site.
The project is expected to divert an additional 50,000 tons of C&D material annually and create an additional 40 jobs.
Looney Bins first RMDZ loan was used to capitalize on the "cleaner" C&D debris, primarily wood, from movie sets and selected construction sites. This loan will allow Looney Bins to provide full service recycling to include all C&D materials. The project provides intermediate processing of a recovered material (grinding and separating of mixed C&D material) to produce a value-added finished product (road base and soil amendments).
The RMDZ loan is the second Looney Bins has received from the CIWMB.
One of the other advantages of the new system is that it will be more automated than the company’s other facility, which sorts most of the material manually.
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