FEBRUARY 2011 – The Michigan Department of Energy, Labor & Economic Growth is offering low-interest loans up to $2,000,000 for small businesses with 500 employees or less to diversify into high-growth clean energy sectors and invest in advanced manufacturing of energy systems and components. The deadline to apply is Friday, April 1, 2011. “This is a great opportunity for Michigan’s small businesses to get a great 6 percent fixed rate to get the capital they need to diversify into the manufacturing of clean energy technologies,” said DELEG Acting Director Andrew S. Levin.
“This not only benefits our state’s businesses but is also an investment in Michigan’s future by promoting economic growth and the creation of green jobs.” Examples of clean energy sectors and advanced manufacturing of energy systems and/or their components include wind turbine systems, solar technology, bio-energy equipment, and geothermal heating and cooling systems. This also includes, building or increasing production capacity of next generation energy efficiency technology systems. Examples of eligible technologies are:
- Induction Lighting
- Smart Grid systems
- Mechanical systems (i.e. heating, cooling and ventilation equipment)
- Water heating and pumping systems
- Building control systems
- Electrical power systems (i.e., zone thermostats, office lighting, other)
- Boilers
- Combined heat and power systems (i.e., cogeneration)
The loans can only be used to cover materials, supplies and equipment costs. Interest on approved loans is fixed at 6 percent for a maximum of 6 years. Applications and loan specifications are available at: http://www.michigan.gov/dleg/0,1607,7-154-25676-217576–,00.html. Applications for funding will be reviewed by an advisory committee, and awarded based on project merit and applicant creditworthiness. The loans are made possible thanks to Public Act 242 of 2009, which established the Energy Efficiency and Renewable Energy Revolving Loan Fund (Energy Revolving Loan Fund) Program to provide low-interest loans to public or private entities for energy efficiency and renewable energy projects. The grant, awarded by the DELEG Bureau of Energy Systems, is funded by the American Recovery and Reinvestment Act of 2009 (Recovery Act). The Recovery Act funds projects that will create and retain jobs, save energy, and reduce greenhouse gas emissions. For questions about funding availability and application requirements, contact: Robert Jackson via email: jacksonr1@michigan.gov
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Source: Michigan Dept. of Energy, Labor, & Economic Growth (DELEG)
