Memphis, Tenn., will convert to single-stream curbside recycling thanks to funding from the Closed Loop Fund.
A $3.25 million no-interest loan from Closed Loop, which calls itself a social impact investment fund, will purchase new 96-gallon recycling carts and convert the city from a dual-stream system that requires residents to sort their recyclables.
The new approach where all recyclables, including plastics, are placed into one container is expected to capture an additional 17,000 tons of material each year from more than 100,000 homes, the fund said.
The Recycling Partnership, a non-profit program that also promotes increased curbside recycling, will provide communications, resources and in-kind support valued at $135,000 to help support the switch. The partnership also supported a 2014 pilot project that placed 40,000 single-stream carts in the city.
“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,” said Rob Kaplan, co-founder and managing director of the fund, in a statement.
The fund wants to invest $100 million by 2020 to increase recycling rates. The effort, backed by a consortium of consumer product, retail and financial companies, provides no-interest loans to communities and low-interest loans to companies.