Loans available for energy projects
Staff report | September 23,2013
MONTPELIER — Financing is available for energy efficiency projects at small businesses and farms from the Vermont Economic Development Authority. The money comes through a sustainable energy loan fund created this year and is available through application to VEDA.
“This program will provide a strong impetus to the many Vermont businesses and farms of all sizes that seek to invest in their energy futures in sustainable ways, lower their carbon footprints, and increase their bottom lines,” said Jo Bradley, VEDA chief executive officer. “The fund will also provide loan guarantees to participating financial institutions that enroll loans made to businesses to improve overall energy efficiency.”
In recent years, VEDA has already approved millions of dollars in financing for commercial and agricultural energy generation and efficiency projects, supporting investments in hydropower, solar photovoltaic, wind, digester and biomass initiatives. However, Bradley said the new fund will help VEDA improve operational efficiencies by consolidating all its energy lending under a single umbrella.
The Sustainable Energy Loan Fund has four programs:
The Small Business Energy Loan Program provides loans up to $350,000 for smaller qualifying commercial sustainable energy projects.
The Commercial Energy Loan Program provides loans up to $2 million for relatively larger qualifying sustainable energy projects.
The Agricultural Energy Loan Program provides loans for qualifying agriculture and forest product-based sustainable energy projects.
The Energy Loan Guarantee Program provides loan guarantees to participating financial institutions that enroll loans made to businesses to improve the businesses’ overall energy efficiency. The guarantee program will be backed by a VEDA-funded reserve, by the Vermont Public Service Department and by VEIC through federal funding it has received for sustainable energy projects.
Interested businesses and farms are encouraged to contact VEDA’s commercial and agricultural loan officers, their community bankers or their regional development corporations for more information about how the authority might help support their sustainable energy project plans. Visit www.veda.org to learn more or call 828-JOBS.