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MassDevelopment’s Green Loan Program Widely Expanded

Nov 29, 2010 | Reprints | Print

MassDevelopment Logo MassDevelopment has expanded its Green Loan Program to include for-profit businesses and nonprofit organizations.

The Green Loan Program allows organizations to use energy-efficiency rebates, according to a statement. It is designed for mid-sized organizations that are too large to qualify for public utility financing and not large enough to employ tax-exempt financing in a cost-effective manner.

"The Green Loan Program fills a gap for organizations in the commonwealth that hope to become more energy efficient but haven’t been able to access efficient financing," said MassDevelopment President and CEO Robert L. Culver. "Expanding this program to all for-profit and nonprofit businesses makes both environmental and economic sense for Massachusetts."

Projects that qualify for utility-sponsored energy-efficiency programs can receive loans of up to $500,000 to finance the difference between project costs and the subsidies or rebates from the utility.

Banking & Lending