Loans That Empower
In 2009 NGE launched its Community Lending Program (CLP) to support community-scale green energy production by providing low interest loans to deserving organizations. The development of the CLP came out of the need to address the growing number of organizations having difficulty getting funding for their green energy projects.
The Problem: Traditional banks do not necessarily understand green energy technology, nor do they account for the social benefits that clean energy projects bring to the borrower and to the communities in which they reside. As a result, many worthy projects are not being built, and many communities, particularly low- and middle-income communities, are missing out on important economic and social benefits.
The Solution: As an organization that specializes in funding green energy projects, NGE is familiar with their economics and technology. NGE uses a special loan qualification process that measures 21 characteristics for each proposed project. These characteristics include environmental, health, economic, and 'green-visibility' benefits to the client and to the communities in which they reside.
CLP In Action: In July of 2009, NGE provided funding to Boston Green Building, a sustainable contractor in Allston, MA. This project provides a real world example of the challenges facing small businesses interested in obtaining funds for renewable energy projects, and the solution provided by NGE’s Community Lending Program.