Efficiency Maine Small Business Loan Program (Maine)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Efficiency Maine Small Business Loan Program|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Industrial, Nonprofit|
|Eligible Technologies||Boilers, Building Insulation, Central Air conditioners, Chillers, Comprehensive Measures/Whole Building, Custom/Others pending approval, Furnaces, Heat pumps, Lighting, Lighting Controls/Sensors, Water Heaters, LED Exit Signs, Photovoltaics, Solar Water Heat, Wind|
|Incentive Inactive Date||2012-12-20|
|Energy Category||Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs|
|Amount||Varies by project|
|Maximum Incentive||No longer available|
|Terms||No longer available|
|Program Administrator||Efficiency Maine Trust|
Note: Efficiency Maine advises that funding for this program has been fully allocated; Efficiency Maine is not accepting loan applications. The below summary is for information only.
Maine's Small Business Low-Interest Loan Program provides loans of up to $35,000 at 1% interest* to small businesses to support approved energy efficiency measures. Efficiency Maine Trust administers this program, with the assistance of the Finance Authority of Maine (FAME) who completes underwriting and credit rating. Businesses and non-profits that use less than 25 kilowatts of electricity per month are eligible.
To qualify, a business must undergo an energy audit to identify necessary improvements. The audit may be completed by Efficiency Maine Trust or an Efficiency Maine Trust approved energy auditor. After the audit is completed, the business must submit the application for pre-approval. Following approval by Efficiency Maine Trust, the application will be forwarded to FAME to determine the creditworthiness of the business. The applicant is responsible for up to $500 in loan closing costs and must cover at least 10% of the energy efficiency upgrade costs. In general efficiency upgrades are eligible, although renewable energy systems may be eligible for a loan provided significant energy savings are demonstrated.
Loans terms vary depending on project, the loan amount, and client cash flow. Collateral is required to secure the loan. Note that schools, hospitals, and facilities with residential components, such as apartment buildings, condominiums, or private residences are not eligible for participation in this program.
*Interest rates are subject to change.
|Contact Name||Efficiency Maine Information|
|Address||151 Capitol Street|
|Address 2||Suite 1|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.