AlabamaSAVES Revolving Loan Program
| Eligible States | AL |
| Type | Loan |
| Area of Interest | Renewable Energy |
| Description |
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 Energy Division P.O. Box 5690 401 Adams Avenue Montgomery, AL 36103 (334) 242-5284 kathy.hornsby@adeca.alabama.gov |