MTC - Business Expansion Initiative

July 14, 2021

Summary

The Massachusetts Technology Collaborative (MTC), as administrator of the state's Renewable Energy Trust Fund, offers loans to support renewable energy companies entering or expanding within the manufacturing stage of commercial development. Companies that currently, or plan to, manufacture renewable energy technology products in Massachusetts are generally eligible. Products may be new or existing, or a combination of the two. Interested applicants must submit a pre-application prior to submitting a full application. Pre-applications will be accepted on an ongoing basis. If the MTC determines that an applicant is eligible for funding after this threshold review, a full application will be requested. See the program web site and solicitation above for more information.

Program Overview

Implementing Sector:	State
Category:	Financial Incentive
State:	Massachusetts
Incentive Type:	Industry Recruitment/Support
Web Site:	http://www.masstech.org/renewableenergy/BEI/index.html
Administrator:	Massachusetts Technology Collaborative
Start Date:	5/31/2007
Eligible Renewable/Other Technologies:	Solar Thermal Electric Solar Photovoltaics Wind (All) Biomass Hydroelectric Tidal Wave Ocean Thermal Wind (Small) Fuel Cells using Renewable Fuels
Incentive Amount:	$500,000 to $3,000,000 per company
Maximum Incentive:	Up to 50% of capital expenses and related spending over a 24-month window; at most 75% of funding may come from public sources, including equity, debt or grant
Terms:	Per co-lender interest rate, with allowable discounts on MTC portion for number of employees to be hired and amount of investment made in the state. Up to 10-year amortization (seven years or less preferred), with flexibility in amortization schedule.

Authorities

Name:	Business Expansion Initiative Solicitation (No. 2007-BEI-01)
Effective Date:	5/31/2007

Contact

Name:	Ian Springsteel
Organization:	Massachusetts Technology Collaborative
Address:	75 North Drive Westborough MA 01581
Phone:	(508) 870-0312
Email:	BEI@masstech.org

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.