$1.0 Million Loans Available in Clean Energy Development Fund Program
The Clean Energy Development Fund Loan Program seeks to promote the development of clean electric-energy technologies by providing funding for purchasing land and buildings (when specific to qualifying projects), purchasing and installing machinery and equipment, and working capital. Low-interest loans with a fixed rate of 2% are available to individuals, companies, nonprofits and municipalities. Eligible clean electric-energy technologies generally include solar, wind, biomass, fuel cells and combined heat and power. The minimum loan amount is $50,000; the maximum amount is $1 million. Loans may not be used for more than 90% of the cost of a project. All financing must be used for activities or assets directly related to the project. The term for real estate loans is 10 years, amortized on a 15-year basis. The maximum term for machinery and equipment loans is seven years. The term for working capital loans is three years. Borrowers must pay an application fee of 1% on the loan amount, which is capped at $1,500, after the loan is approved. Contact: Vermont Department of Public Service, 112 State Street, Drawer 20, Montpelier, VT 05620-2601; 802-828-4017; Fax: (802) 828-2342;http://publicservice.vermont.gov/energy/ee_cleanenergyfund.html
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