Electric Vehicle Workplace Charging Station Loan Program

Electric Vehicle Workplace Charging Station loans are available for any for profit or not-for-profit business, municipality, or individual owning or leasing a business property to an otherwise eligible business and installing a new EV Charging station(s). These include individuals, sole proprietors, LLCs, corporations, cooperatives, not-for-profits, and municipalities.

Eligibility

  • Borrowers must be customers of Green Mountain Power (GMP) or another electric utility with a similar EV charging station program acceptable to VEDA.
  • EV charging station investments must be located in Vermont at a commercial establishment for the use of employees, customers, and / or the general public.
  • The application asks for standard and customary information about your business and ownership. Applications may be completed and submitted electronically.
  • Eligible Applicants must provide:
    • Evidence of acceptable payment history over the past 2 years with GMP or other subject electric utility.
    • A completed Personal Financial Statement (form included within the application linked above).
    • An acceptable personal credit score, required for personal guarantors.
    • At least one year of company tax returns or annual financial statements acceptable to VEDA Staff.
    • Applicants and guarantors shall attest that they are current on all payroll, state, and local taxes, and have not previously defaulted on a loan or other obligation from the State of Vermont.

Use of Proceeds

  • The Project may include the purchase, installation of EV charging equipment and connection to the utility. The EV charging equipment should be one of several standard systems with vendors vetted and approved by GMP or other subject electric utility.
  • The VEDA EV Charging Station Loan may fund up to 80% of the Project Cost to a maximum of $25,000, the balance may be funded by the Utility Rebate and/or equity from applicant.

Loan Rates and Terms

  • Interest rates will be fixed at 2% for loans with a term up to 3 years and fixed at 3% for loans with a longer term.
  • Maximum loan term: up to 5 years, all loans to be fully amortizing. Loans may be prepaid at any time without penalty.
  • Personal Guarantees will be required for all owners of 20% or greater of the business applicant. Not-for-profit organizations and companies with no single owner owning 20% or more of the company may receive a waiver for personal guarantees.
  • Loans will fund only after completion of installation by vendor and verification of the work completed.
  • Loan payments are required to be made through ACH payment.
  • Regular ongoing financial reporting will generally not be required. However, borrowers will be required to submit financial statements or tax returns upon our request.

Fees

  • No fees, other than out of pocket reimbursements which may be rolled into the loan.

Application Process

  • If you don't have a VEDA loan officer, please email EV@veda.org or call (802) 828-5627 to begin the application process. 
  • Both the GMP and VEDA are committed to helping minority, underserved, veteran and women-owned businesses access the EV Workstation Charging program.

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