$70 Million Fund Ready to Finance Building Energy Projects
A new financing platform for small- and medium-sized energy-efficiency and renewable-energy projects is now available from the Minneapolis-based company Eutectics.
Geared toward commercial projects ranging from $25,000 to $5,000,000, the company plans to finance $70 million in projects across the nation in the first round of funding. Eutectics promises simple applications with quick turnarounds. Projects applying for less than $150,000 submit a one-page credit application and receive a response within 24 hours. To receive a quote, contractors submit the same information that they would on a typical bid sheet.
The platform may serve the needs of smaller projects and cash-flow-dependent businesses that other financing mechanisms have trouble reaching, according to Eutectics executive director Jeremy Kalin (see PACE Financing for Energy Improvements). A separate program, Eutectics’ Home SolarNote is targeted toward homeowners.
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Published July 14, 2014