AlabamaSAVES Revolving Loan Program
|Area of Interest||Renewable Energy|
The Alabama Department of Economic and Community Affairs' Energy Division has launched a new revolving loan program for Alabama businesses called AlabamaSAVES. The program will be used to provide low-interest rate loans to commercial and industrial businesses seeking to install renewable energy systems, including biomass projects, and implement energy efficiency improvements.
The loans will have a fixed interest rate of 2 percent and a 10-year limit. Eligible expenditures include equipment and the labor required for equipment installation. Loans range between $250,000 and $4 million. The program will fund 90 percent of the cost of eligible projects/improvements or 100 percent of costs remaining after applicable tax credits, grants or other subsidies; whichever costs less.
|Eligible Organizations||Commercial/Industrial Business|
|How to Apply||Interested applicants should apply through the Get Started Web page at http://www.alabamasaves.com/GetStarted.aspx. The application fee for subsidy requests is $500 for projects less than $250,000 and $1,000 for larger projects.|
|For More Information||http://www.alabamasaves.com|
|Primary Contact||Kathy Hornsby
Alabama Department of Economic and Community Affairs
P.O. Box 5690
401 Adams Avenue
Montgomery, AL 36103