Cumberland Revolving Energy Loan Fund (CRELF)

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Eligible Applicants – Any business, defined as a corporation, sole proprietorship, limited liability partnership, limited liability company, business trust, not-for-profit, or other commercial entity as approved by CCED

Eligible Use – Retrofits of commercial and industrial facilities with energy efficient equipment, maintenance of historic structures, Photovoltaic, wind turbines, solar thermal hot water, geothermal heat pumps, combined heat and power systems

Loan Amount – Awarded at a minimum of $5,000 to a maximum of $250,000, or 50% of total eligible project costs, whichever is less

Interest Rate – Fixed at 2% for the term of the loan

Term – Depending on project, size of the loan, assessed risk, and available collateral, terms are to be no less than 5 years and no more than 15 years

Equity Requirement – Loans are to be secured by the assets financed at the highest lien position available.  CCED may require additional security if the loan-to-value (LTV) exceeds 90%.   Borrowers must provide a minimum of 10% of the project cost.

Job Criteria – At this time, recipients are not required to track full-time equivalent jobs or job retention, but it is strongly recommended that you do so, as this requirement may be amended in the Federal Guidelines in the future as set by the United States Department of Energy

Fees – $500 non-refundable application fee.  2% closing fee based on approved loan amount.  Other closing fees such as legal expenses or costs generated as a result of the transaction such as appraisal fees are the responsibility of the borrower.

For further assistance or additional information, please contact:

Don Coffee
Business Outreach Specialist
(717) 240-7181
don@cumberlandbusiness.com