| Program | Small Business Energy Loan Program |
|---|---|
| Category | Financial Incentive |
| Implementing sector | State |
| Last Update | |
| State | Vermont |
| Administrator | Vermont Economic Development Authority (VEDA) |
| Website | http://www.veda.org/financing-options/vermont-commercial-financing/small-busine… |
| Technologies | Solar Thermal Electric, Solar Photovoltaics |
The Small Business Energy Loan Program (SBELP), created by Act 87 in 2013, is administered by the Vermont Economic Development Authority (VEDA). The SBELP provides loans to businesses for smaller renewable energy and energy efficiency projects.
The maximum loan amount is $500,000, and VEDA will fund up to 60% of the project. However, in certain cases, VEDA may provide loans under $50,000 that cover up to 75% of project costs. Loans are provided at fixed rates; current rates can be found here . Loan terms are determined on a case-by-case basis, but the maximum loan term is generally 10 years with a maximum 15-year amortization.
Fees associated with CELP loans include (1) a 1% commitment fee ($5,000 maximum), (2) a $30 credit report fee, (3) if applicable, appraisal fee, document recording fee, flood certificate fee, and other out-of-pocket fees.
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