MEDO offers Manchester businesses another program to help spur economic development and job creation
Manchester, NH – Manchester’s Economic Development Office (MEDO) is pleased to offer Manchester businesses the opportunity to apply for the Energy Efficiency Revolving Loan Fund (EERLF). This new loan program is one of many programs and incentives offered by MEDO to help Manchester businesses grow and prosper.
Energy efficiency, conservation, and renewable energy programs and projects are building blocks for increased economic vitality, energy security, and environmental quality within the city. When asked about the EERLF program Jay Minkarah, Director of the Manchester Economic Development Office said, “We are pleased to offer this new program to Manchester businesses which not only provides assistance to new and existing businesses but also helps the city meet its community-oriented goal of increasing energy efficiency within the city and reducing our dependence on fossil fuels.” Jay went on to add that the EERLF program funds will have a maximum impact if the funds are invested in ways that create and/or retain jobs and stimulate the economy in the short term while laying the foundation for a long-term and sustainable clean energy economy
The EERLF program provides low interest loans of up to $20,000 to small businesses and commercial property owners to pay for the upfront costs of energy efficiency improvements to their facilities. The EERLF program encourages improvements that will have a rate of return on investment in three years or less through decreased energy usage or increased energy efficiency including improvements to heating and cooling system improvements, upgraded lighting, insulation, replacement windows and doors, energy efficient equipment and appliances and other similar improvements.
The EERFL program is funded by the US Department of Energy. EERLF funds are available on a first-come, first-serve basis for energy efficiency upgrades to business and commercial property owners. Loans can be awarded up to 80% of the cost of proposed improvements with a total maximum loan amount of $20,000 per applicant. Any projects that have started construction or made purchases prior to the City’s approval, will not qualify for the loan. Since this program is funded through the US Department of Energy, certain requirements need to be met in order to receive assistance. Generally, eligibility is based upon improvements resulting in the creation or retention of jobs but there are other methods to determine eligibility.
If you are interested in the EERFL program please contact the Manchester Economic Development Office at 603-624-6505. Applications for the Energy Efficiency Revolving Loan Fund may be obtained online at www.YourManchesterNH.com by clicking on Grow Your Business and then Incentives.