Small Business Energy Loan Program

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 SBELP loans include (1) a 1.25% commitment fee ($250 minimum and $2,500 maximum), (2) an Independent Engineer Review fee, (3) a $50 credit report fee, (4) an $18 flood insurance certification (if required), (5) an appraisal reimbursement (if applicable), (6) document recording and discharge fees, and (7) a $100 application fee.

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