The California Energy Commission has approved an agreement with the California Business, Transportation, and Housing Agency that will soon make more that $30 million available to eligible California manufacturing businesses. Under the Clean Energy Business Financing Program (CEBFP) manufacturers will have the opportunity to apply for low-interest loans using American Recovery and Reinvestment Act (Recovery Act), State Energy Program (SEP) funds to help broaden the state manufacturing base, strengthen California leader in using clean energy systems.
"With California having endured such a long and difficult erosion of manufacturing business," said Energy Commission Chairman Karen Douglas, "we are excited to extend this loan opportunity to eligible private sector businesses that can create and/or retain California jobs in clean energy technologies. This program will leverage private capital with state and federal funding to maximize benefits for Golden State businesses."
The approved contract with California Business, Transportation, and Housing Agency allows the agency to administer the CEBFP in cooperation with four Financial Development Corporations (FDCs) located throughout California. The participating FDCs are Pacific Coast Regional Small Business Development Corporation and San Fernando Valley Small Business Financial Development Corporation in Southern California, State Assistance Fund for Enterprise, Business and Industrial Development Corporation (SAFE-BIDCO) in Northern California, and Valley Small Business Development Corporation in San Joaquin Valley.
The Clean Energy Business Financing Program is open to California businesses that want to expand, diversify or retool existing facilities to manufacture eligible energy efficiency or renewable energy products, components, systems, and technologies. Facilities that produce biomethane gas from biomass suitable for pipeline injection are also eligible.
Loans to qualifying applicants will be a minimum of $50,000 to a maximum of $5,000,000. Successful applicants will meet program requirements as well as lending qualifications. Projects must demonstrate program success, leverage other project funds, and show profitability.
The CEBFP applications will become available April 7, 2010.
Interested businesses are encouraged to sign up on the Program listserv for timely information on the availability of the loan applications. More information about the State Energy Program and other Recovery Act-related programs is available on the Energy Commission Web site.
Source: California Energy Commission