Future Oxford Legacy Fund awards first loan to TreeCycle Wood Products Inc.
Legacy Fund awards $100,000 loan to local sustainable wood recycling business based in Norwich
The Future Oxford Legacy Fund has awarded its first business loan to support sustainable business in Oxford County. The $100,000 business loan was awarded to TreeCycle Wood Products Inc., a wood recycling company based out of Norwich.
TreeCycle Wood Products Inc. is a wood processing company specializing in repurposing and recycling wood products for the energy, manufacturing and farming sectors. High-quality wood and wood products are diverted from landfills and converted through a wood shredding and compression system into environmentally friendly products. The company’s TreeCycle Bio Brics, for example, are an eco-friendly energy source that produces clean, powerful heat that can be used by both public consumers and businesses. Additionally the business produces premium animal bedding, wood mulch, and boiler fuel.
The loan received from the Future Oxford Legacy Fund helped the business to complete construction of their wood recycling plant and install additional equipment including a hammer mill necessary to eliminate fossil fuels from the production process. Once the project is complete, the company will be the largest supplier of biomass in Oxford County and the largest recycler of wood in Ontario.
In addition to the first loan granted to TreeCycle Wood Products Inc., the Future Oxford Legacy Fund has dispersed a second loan to Rural Green Energy Inc. in the amount of $50,000. Additionally the first grant-based funding was awarded to Rural Oxford Economic Development Corporation in the amount of $500.
The Future Oxford Legacy Fund accepts applications from entrepreneurs, businesses and partnerships in need of seed funding to develop new and sustainable community and regional opportunities that help to meet the targets set out in the Community Sustainability Plan.
Applications for funds can be granted in two streams: Access to Capital and Community Development Support. The “Access to Capital” funding stream provides capital for entrepreneurial activities, with an emphasis on youth opportunities, arts and culture, tourism, high-tech manufacturing, and green technology. Meanwhile, the “Community Development Support” stream offers non-repayable grants to not-for-profit projects.
To apply, a business or project does not need to be considered “green,” however it is required to have a sustainable business model, which will contribute to the overall sustainability of Oxford County.
Individuals or organizations interested in applying for funding through the Future Oxford Legacy Fund should visit FutureOxford.ca to access the application.
Comments
Allan Simm, General Manager, Community Futures Oxford
“We are proud to be awarding the first loan from the Future Oxford Legacy Fund to Tree Cycle Wood Products Inc. This local business produces high-quality eco-friendly recycled wood products that can be used across many business sectors including the agricultural sector. In doing so, Tree Cycle Wood Products Inc. is supporting the Future Oxford Sustainability Plan’s zero waste and renewable energy goals, while also supporting our Oxford County’s local economy.”
David Pady, President, TreeCycle Wood Products Inc.
“The loan received through the Future Oxford Legacy Fund has helped to bring TreeCycle Wood Products Inc.’s new manufacturing plant up to full capacity through the installation of a hammer mill. The hammer mill was crucial in helping our business double capacity and come closer to achieving our goal of becoming the largest recycler of wood in the province.”
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About the Future Oxford Legacy Fund
The Future Oxford Legacy Fund provides seed funding to entrepreneurs, businesses and partnerships to develop new and sustainable community and regional opportunities that support the targets set out in the Community Sustainability Plan.
To ensure requests for funding and investment meet goals, objectives and targets of the Future Oxford Community Sustainability Plan, the Future Oxford multi-criteria assessment tool is used to help determine if a project or proposal supports a sustainable future. The tool uses a weighted “sustainability score card” to assess or compare community, economy and environment factors.
The Future Oxford Legacy Fund is a partnership between Oxford County, Community Futures Oxford and Future Oxford Partnership. Community Futures Oxford is responsible for accepting, screening and assessing the applications.
Contact
Jenn Austin | Strategic Communication & Engagement
519.539.9800, ext. 3505 | [email protected]