- Individuals, partnerships, corporations (profit and non-profit) , limited liability companies and municipalities planning to undertake a project for construction of or improvements to a renewable energy generating facility; to make energy efficiency improvements to an existing facility; and/or to adopt technologies that enhance or support the development and implementation of renewable energy or energy efficiency, or both;
- Projects relating to renewable energy generation or efficiency improvements for single or multi-unit residential properties are not eligible.
Use of Proceeds
- Must relate to a project for renewable energy generation and/or energy efficiency improvements and/or energy technology;
- Purchase of land and buildings, new construction or existing facility renovations or refurbishment;
- Purchase and installation of machinery and equipment;
- Payment for design, engineering and permit fees relating to an eligible project;
- In certain cases, rather than make a separate loan, VEDA may purchase a portion of a bank loan made for eligible purposes;
- VEDA cannot finance or refinance existing assets or debt relating to an eligible project.
Loan Rates and Terms
- Attractive variable rates, adjustable on a quarterly basis; (See Current Rates and Fees page)
- Loan term and amortization determined on a case-by-case basis, up to 20 years;
- In certain circumstances, a fixed interest rate may be available. Talk to your VEDA loan officer.
- VEDA may not fund more than 40% of the cost of the project. Typically a bank will lend 50% of the project cost and (at least) the remaining 10% will be provided by the borrower;
- The maximum loan amount is $2.0 million.
- 1% commitment fee with $1,000 minimum and $3,500 maximum;
- $50 credit report fee;
- $18 flood insurance certification (if required);
- Document recording/discharge fees; and
- No application fee.
- Loans up to $350,000 may be approved internally by VEDA staff;
- Loans exceeding $350,000 are presented to the VEDA Board monthly for consideration;
- Applicants are advised to discuss their proposed project with a VEDA loan officer prior to submitting the application;
- Applications may be obtained from the VEDA office by calling 802-828-5627.