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Over $3M Available Through New Energy Reduction Fund

Great news from the good folks over at the Community Development Finance Authority!

NEW ENERGY REDUCTION FUND

New Hampshire businesses and non-profit organizations can access new funds for energy efficiency improvements and renewable energy projects. The Community Development Finance Authority (CDFA) was recently awarded $3.5 million by the Office of Energy and Planning‘s State Energy Program, from the American Recovery and Reinvestment Act, to develop and implement a low-interest loan and grant program to help finance energy improvements in buildings owned by small, medium, and large businesses and non-profit organizations statewide.  

Low-interest loans will be available for comprehensive energy improvements, which could include air sealing, insulation, replacing heating and cooling systems, renewable energy alternatives, and heat recovery systems. Grant funds are available for fuel blind energy audits and some other purposes.

“Our goal is to provide affordable financing to help businesses and non-profit organizations reduce their operating costs with the energy efficiency improvements,” said Kathy Bogle Shields, Executive Director of CDFA. “We look forward to working with our partners including the New Hampshire Community Loan Fund, Jordan Institute, Regional Development Corporations, Business Finance Authority, and Retail Merchants Association in order to create a program that will meet the needs of the businesses that are driving our economy and strengthening our communities.”

Of the $3.5 million in funds, $2.5 million will be for large commercial and industrial businesses and non-profit organizations. The remaining $1 million will be administered by the Community Loan Fund and for micro- and small commercial and industrial businesses and non-profit organizations. All businesses, large or small, seeking energy-reduction financing will apply through CDFA’s on-line system.

energy-savings“Our goal is to provide opportunities for employers to use capital to strengthen their organizations, the communities in which they operate, and the families they serve,” said Community Loan Fund President Juliana Eades. “These funds will allow even small businesses and nonprofits to explore energy improvements that will reduce their operating expenses for many years to come.”

The Energy Reduction Fund is currently being developed. It is anticipated that the application for funds will be available on CDFA’s website, www.nhcdfa.org, early in 2010. All funds need to be awarded by April 2012.

CDFA, created by legislation in 1983, is a nonprofit public instrumentality of the State of New Hampshire.  CDFA administers nearly $40 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds.   CDFA supports the development of vibrant and resilient communities by providing resources for community development efforts. For more information about CDFA and its programs, visit www.nhcdfa.org or call 603.226.2170.

The Community Loan Fund turns investments into loans and education to create opportunity and transform lives across New Hampshire. It collaborates with a wide range of donors and lenders, and with business, nonprofit and government partners, to provide the financing and support people need to own homes, have quality jobs and child care, and become financially independent.  Established in 1983, the Community Loan Fund was one of the first Community Development Financial Institutions in the nation, and has received industry awards and recognition for social impact, financial strength and performance. For more information, visit www.communityloanfund.org or call 800.432.4110.

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