Loan to Purchase a Waste Pickup Truck
This loan is for the purchase of a large waste pickup truck to allow the cooperative to jump to scale.
CERO is a food waste and all organic material collection cooperative based in Boston. They recycle the waste collected from businesses around Boston to the point of agricultural grade compost and sell it to farms. CERO emerged from the Boston Workers Alliance, Boston Impact Initiative and others as an effort to create green jobs for low-income and formerly incarcerated people.
After a successful pilot year, CERO is now ready to go to scale. To do this, they need a large truck to dramatically increase their capacity and productivity.
CERO's business model is based on a recent law in Massachusetts forbidding industrial grease waste from restaurants and cafeterias to be disposed of in the normal waste stream, but rather require them to pay for it to be recycled. Large companies such as Waste Management are trying to find a way into this business, but the opening created an opportunity for a nimble organization like CERO.
CERO had some small loans and did a pilot year from October 2014 to the end of 2015. During 2015, they raised $350,000 in a Direct Public Offering to help them try to raise the capital needed to grow the business to a sustainable scale. In early 2016, if enough capital comes in, CERO will launch it's full scale project and attempt to become sustainable.
CERO has a powerful story both of the inclusivity of the workers who work there and also the greenness of their product.
Other Loans to This Co-op
|May 5, 2016||US $175,000.00||Active||Working Capital for the startup of the coop from pilot phase to scaled company.|