Pre/Plastics Inc., a custom plastics injection molding company located in Auburn, Calif., recently received a low interest loan from the California Integrated Waste Management Board. The loan amount, around $500,000 will go toward producing a product that will be used in the concrete construction industry.
The loan is the second one the company has received from the CIWMB; the first loan was used to build the injection molding facility in California’s recycling market development zone located in Placer County.
The company uses a host of scrap plastics to make its finished products. Some of the plastics used include polycarbonates, styrene, and polypropylene.
Brian Miller, with Pre/Plastics, says that the money will be used to purchase equipment that will allow the company to make the construction products for Meadow Burke, the concrete construction firm Pre/Plastics will be working with.
Miller expects to have the equipment installed within the next two weeks, with production beginning next month. When running at capacity Meadow Burke will be using about 40,000 pounds of plastics per week.
The loan is for 10 years and carries an interest rate of 1.9 percent.