Small Business P2 Loan Program (Michigan)
Last modified on May 23, 2011.
Financial Incentive Program
|Name||Small Business P2 Loan Program|
|Incentive Type||State Loan Program|
|Applicable Sector||Commercial, Industrial, Agricultural|
|Eligible Technologies||Lighting, Lighting Controls/Sensors, Processing and Manufacturing Equipment, Custom/Others pending approval, Photovoltaics, Wind|
|Energy Category|| Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
|Funding Source|| Revolving Loan Fund
|Maximum Incentive|| 300,000
|Terms||5% interest rate or less|
|Program Administrator||Department of Environmental Quality|
The Michigan Small Business P2 Loan Program offers low-interest loans to small businesses for projects ranging from waste reduction to water and energy conservation. The program is open to independent for-profit businesses with 500 employees or fewer, and for projects that cause a significant increase in the energy efficiency of the business.
To apply, applicants should seek a banking lender that will finance half the cost of the project. The bank can charge a competitive interest rate, as long as the weighted average of the interest rate of the entire project does not exceed 5%. Following development of a qualifying project and finding a lender, applicants can submit an application, available from the program website above.
|Contact Name||Karen Edlin|
|Department||Department of Environmental Quality|
|Address||525 West Allegan Street|
|Address 2||P.O. Box 30473|
|Phone|| (517) 373-0604
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.