LYNNHAVEN, Mass. (April 21)—Tire recycling firm GreenMan Technologies Inc. has won a $196,000 low-interest loan from the State of Iowa to fund new scrap tire processing equipment for its Des Moines, Iowa, plant.
"We're just finishing up the paperwork" on the loan, according to Chuck Coppa, GreenMan chief financial officer, and the company expects to receive the money within the next 45 days, he said.
Also, GreenMan has hired Pembroke, Mass.-based Array Financial Services Inc. in its efforts to secure new capital for its operations. The company has had trouble securing funds since its primary lender, Coast Business Services, collapsed last year. Since GreenMan hired Array, there have been "double-digit meetings" with potential lenders, according to Coppa. "We think they've done a wonderful job in getting us meetings with people whom we'd never talked to before," he said.