The Jacksonville (Florida) Economic Development Commission approved a loan interest loan for a Florida-based company that is seeking to build a recycling facility to crush glass.
The company, Glass Recycling Technologies of Florida, Jacksonville, Fla., is seeking financial assistance through the Northwest Jacksonville Economic Development Fund to help pay for the fabrication of storage silos to store the recycled glass. Additionally, the company is seeking grant money to improve the façade of the property.
The government agency has approved a Small Business Development Initiative Loan of $60,000, as well as a grant of $10,000 to improve the exterior of the property.
The company expects to process around 50,000 tons of glass per year when the facility if fully operational. The company presently operates two recycling facilities, one in Ontario, Canada, the other in Glasgow, Scotland.
After reviewing the proposal, JEDC staff agreed that the project met the requirements. These include assisting new businesses to expand and create jobs, and the project is returning a vacant manufacturing building to productive use.
While the JEDC recommended issuing the loan, the next step is to submit the proposal to the Jacksonville City Council. A spokeswoman for the JEDC says that with the various committee hearings, a final decision on the project should be reached within the next six weeks.
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