Small Business Energy Loan Program

May 28, 2021

Summary

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 CELP loans include (1) a 1% commitment fee ($5,000 maximum), (2) a $30 credit report fee, (3) if applicable, appraisal fee, document recording fee, flood certificate fee, and other out-of-pocket fees.

Program Overview

Implementing Sector:	State
Category:	Financial Incentive
State:	Vermont
Incentive Type:	Loan Program
Web Site:	http://www.veda.org/financing-options/vermont-commercial-financing/small-business-energy-loan-program/
Administrator:	Vermont Economic Development Authority (VEDA)
Start Date:
Eligible Renewable/Other Technologies:	Geothermal Electric Solar Thermal Electric Solar Photovoltaics Wind (All) Biomass Hydroelectric Combined Heat & Power Landfill Gas Equipment Insulation Lighting Lighting Controls/Sensors Chillers Furnaces Boilers Heat pumps Air conditioners Heat recovery Steam-system upgrades Compressed air Programmable Thermostats Caulking/Weather-stripping Duct/Air sealing Building Insulation Windows Doors Siding Roofs Geothermal Direct-Use Anaerobic Digestion Fuel Cells using Renewable Fuels Reflective Roofs LED Lighting
Maximum Loan:	$500,000
Loan Term:	Determined on a case-by-case basis; maximum loan term of 10 years with a maximum 15 year amortization
Interest Rate:	Variable Interest Rates

Authorities

Name:	10 V.S.A. § 280cc to § 280dd
Date Enacted:	06/17/2013
Effective Date:	06/17/2013

Contact

Name:	Eun-Young Denny
Organization:	Senior Commercial Loan Officer - Vermont Econ
Address:	58 East State St, Suite 5 Montpelier VT 05602
Phone:	(802) 828-5460
Email:	edenny@veda.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.