MEDO launches green energy loan fund

Monday, January 10, 2011

The Manchester Economic Development Office has launched a loan program designed to support city businesses in their efforts to become more energy efficient.

The Energy Efficiency Revolving Loan Fund provides assistance to Manchester small businesses and commercial property owners to cover costs of their energy efficiency, conservation and renewable energy projects through low-interest loans of up to $20,000.

“We are pleased to offer this new program to Manchester businesses which not only provides assistance to new and existing businesses but also helps the city meet its community-oriented goal of increasing energy efficiency within the city and reducing our dependence on fossil fuels,” said Jay Minkarah, director of MEDO.

Minkarah also said the revolving loan funds will have a “maximum impact” if the funds are used in programs that create and/or retain jobs as well as create a sustainable clean energy economy.

The program is designed to encourage improvements that will have a rate of return on investment in three years or fewer through decreased energy usage or increased energy efficiency, including improvements to heating and cooling systems, upgraded lighting, insulation, replacement windows and doors, energy-efficient equipment and appliances and other similar improvements.

Funded through the U.S. Department of Energy, the loans are available on a first-come, first-serve basis for up to 80 percent of the cost of proposed improvements, with a total maximum loan amount of $20,000 per applicant.

Applicants must meet certain eligibility requirements.

Those with projects already started prior to approval by the city are not eligible.

For more information, contact MEDO at 603-624-6505 or visit YourManchesterNH.com. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW

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