Maximum loan: $4,000,000
Minimum loan: $50,000
The Alabama Department of Economic and Community Affairs (ADECA) is now offering an energy efficiency and renewable energy revolving loan fund called AlabamaSAVES. The funds are available to businesses and industries located in Alabama for retrofitting existing facilities. A variety of technologies are eligible; see the [http://www.alabamasaves.com/Collateral/AlabamaSAVES-TechnicalGuide.pdf program technical guide] for details.
In order to apply, interested parties must first complete an [http://www.alabamasaves.com/Collateral/AlabamaSAVES-ExpressionofInterest... Expression of Interest Form]. Upon receiving this completed form, a consultation on financing and next steps is scheduled. The Loan Application formalizes the request for a subsidy or direct loan. The process requires that an energy assessment, defining the project and estimated energy savings impact, be submitted and reviewed to ensure a simple payback of 10 years or better.
The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans and as a loan subsidy program enabling low cost loans from private lenders through credit enhancements – interest rate buydowns and loan loss reserves. The fund was initially capitalized with American Recovery and Reinvestment Act (ARRA) funding. Please see the program web site for additional information and program materials.