New Jersey Administrative Code
Title 7 - ENVIRONMENTAL PROTECTION
Chapter 26 - SOLID WASTE
Subchapter 15 - RECYCLING GRANTS AND LOANS PROGRAM
Section 7:26-15.6 - Application and award procedures for Recycling Business Loans
Current through Register Vol. 56, No. 6, March 18, 2024
(a) This portion of the Act shall be administered jointly by the Department and the EDA.
(b) Eligible applicants for Recycling Business Loans shall be limited to recycling businesses and industries located in or planning to locate in New Jersey which are engaged in converting recyclables into a raw material, other than energy, processing recyclables to meet final use specifications, or separating commingled recyclables for resale to a market. Applicants shall conform to all restrictions, prohibitions, and obligations of the Act, applicable EDA regulations and guidelines, and all other relevant acts as set forth therein and in this subchapter.
(c) Applications may be made at such times as announced and on such forms as provided by the Department and shall be submitted in triplicate to:
New Jersey Department of Environmental Protection
Division of Sustainable Waste Management
Bureau of Solid Waste Planning and Licensing
Mail Code 401-02C
PO Box 420
401 East State Street
Trenton, New Jersey 08625-0420
(d) Loans and loan guarantees may be used for the creation or expansion of any legitimate commercial activity involved with the collection, separation, transportation, processing or conversion of recyclable materials as determined by the Department and EDA.
(e) Loans and loan guarantees shall be awarded in accordance with such terms and conditions as set forth by the Department and EDA. No single applicant or project may receive a loan or loan guarantee for less than $ 50,000 or for more than $ 500,000. The maximum may be exceeded for certain projects which are deemed necessary by the Department in order to reach the State's recycling goals set forth in the State Solid Waste Management Plan Update: 1993-2000 (Update).
(f) Loans and loan guarantees shall be awarded on a competitive basis.
(g) Applications shall be made on forms provided by the Department and EDA and shall include, but not be limited to, the following:
(h) The Department shall deny an application for a low-interest recycling business loan if the applicant:
(i) Applicants receiving loans or loan guarantees shall file an annual status report with the Departments for as long as the loan is outstanding, describing the progress being made towards the goals and objectives set forth in the application.
(j) The loan maturity period shall be for a period not to exceed 10 years. The interest rate on each loan when issued shall be established at three points below the prime rate, but in no case shall be less than five percent.
(k) The applicant for the loan or loan guarantee shall pay the following fees: