New Hampshire businesses and nonprofit organizations are invited to submit proposals for low-interest loans for energy-efficiency improvements and renewable-energy projects.
The Enterprise Energy Fund was created by a $3.5-million award to the Community Development Finance Authority (CDFA) by the Office of Energy and Planning‘s State Energy Program, from the American Recovery and Reinvestment Act. The fund is a low-interest loan and grant program to help finance energy improvements in buildings owned or leased by small, medium, and large businesses and nonprofits statewide.
Of the $3.5 million, $2.5 million will go to large commercial businesses and nonprofits. The remaining $1 million will be administered by CDFA’s partner organization, the New Hampshire Community Loan Fund, for small commercial businesses and nonprofits.
The majority of the funds will be loaned to businesses and nonprofits to help them reduce their energy costs and consumption. The loans will range from $10,000 to $500,000, with interest rates ranging between two and four percent.
A small portion of the fund will pay for energy audits, provide down payments on energy efficiency projects to businesses and to nonprofits that provide essential services and have been hardest hit by the recession, leverage significant private sector funds, and encourage investments in renewable energy.
CDFA Executive Director Kathy Bogle Shields
“We know that many businesses and nonprofits have been hit hard by the economy,” said Kathy Bogle Shields, CDFA Executive Director. “This Fund was designed to help reduce energy consumption and costs, in hopes that money can be redirected back into the business and spur economic recovery.”
“Small businesses and nonprofits operate with the thinnest of margins. They often can’t afford the up-front costs even for energy improvements that will pay for themselves in decreased costs,” said Community Loan Fund President Juliana Eades. “For some of them, the Enterprise Energy Fund may make those improvements possible.”
New Hampshire businesses and nonprofits, regardless of size, interested in performing energy-efficiency improvements or energy audits for their buildings are encouraged to complete the Initial Inquiry Energy Financing form on CDFA’s online grants management system at www.nhcdfagrants.org by April 30, 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 603-224-6669.
Tags: Enterprise Energy Fund, Juliana Eades, Kathy Bogle Shields, New Hampshire Community Development Finance Authority, New Hampshire Community Loan Fund