RSF Social Finance Makes a Loan to EcoScraps
SAN FRANCISCO, January 28, 2013 /3BL Media/ - RSF Social Finance (RSF) is pleased to announce a $500,000 loan to EcoScraps, a provider of organic, chemical and manure-free lawn and garden products. RSF financing will help fund EcoScraps’ rapid growth as it continues to expand its network of waste management partnerships and exposure in retail outlets across the country.
EcoScraps gardening products, which are made 100 percent from food waste, enrich garden plots with twice the amount of soil nutrients than that of typical manure and chemical-based products. In just a couple of short years, the company has established a new infrastructure model for creating organic compost, allowing it to quickly expand and reach a wide variety of consumers.
Currently, the company is diverting more than 120 tons of produce waste daily. By preventing this food from rotting in landfills, EcoScraps is helping reduce the greenhouse gas methane. To date, the company’s process has saved the rough equivalent of all of the registered cars in L.A. being parked for an entire week.
“EcoScraps is producing a great product with an innovative business model,” says Mike Gabriel, RSF Lending Manager. “The U.S. composting business is highly fragmented. EcoScraps is uniquely positioned to capitalize on this fragmented market, by building partnerships with large, established waste management firms on the supply side and large retailers on the sell side—linking them within a relatively short distance.”
EcoScraps was founded in 2010 by Dan Blake and Craig Martineau. The inspiration for the business was born at an all-you-can-eat breakfast buffet where Blake noticed the large amount of food being thrown away. After months of experimenting with composting, with help from Brigham Young University’s agriculture department, the EcoScraps “recipe” was perfected and the company began production.
“We’ve seen tremendous success at EcoScraps thus far, and we are grateful for RSF’s investment in our next chapter,” said Blake. “We look forward to using this loan to expand our reach and continue innovating products that will benefit both consumers and the environment.”
EcoScraps currently sells premium, branded Compost Mix, in addition to Potting Mix, Plant and Soil Booster, and Lawn and Garden Growth Formula in over 1,500 stores (big box, warehouse, grocery super centers, etc.) across the nation.
About RSF Social Finance
Located in San Francisco, CA, RSF Social Finance (RSF) is a non-profit financial services organization dedicated to transforming the way the world works with money. Since 1984, the organization has made over $275 million in loans and $100 million in grants to non-profit and for-profit social enterprises working in the areas of Food & Agriculture, Education & the Arts, and Ecological Stewardship.
RSF's lending capital comes primarily from 1,300 individuals who have invested $1,000 or more in the organization's Social Investment Fund. Investors earn a competitive return on their money comparable to a certificate of deposit while their funds are deployed to leading social enterprises. To learn more, visit www.rsfsocialfinance.org.
About EcoScraps
EcoScraps is an organic lawn and garden products manufacturer that was established in 2010. Its process recycles food waste into nutrient-rich products that help plants grow healthier in the most environmentally friendly way possible. The company now manufactures its products in Utah, Arizona, Texas and California. EcoScraps has received several awards in its short history, including the 2010 Sparkseed Innovator honor, 2010 SOCAP Scholar and was named as one of the Top 25 Most Promising Social Ventures in America by Businessweek. To learn more about EcoScraps and its products, visit ecoscraps.com.
Contact
Mike Gabriel, Lending Manager
mike.gabriel@rsfsocialfinance.org
415.561.6192
Jillian McCoy, Senior Associate, Communications
jillian.mccoy@rsfsocialfinance.org
415.561.6156
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