COLUMBUS, Ohio — The Ohio Department of Development has launched the Energy Loan Fund, which provides low-cost financing to manufacturers, small businesses, public entities, and nonprofit organizations for energy-saving projects. The program is administered through the Department’s Office of Energy and will utilize more than $7 million in state funding through the Advanced Energy Fund as well as federal funds from the State Energy Program.

“The Energy Loan Fund is designed to be a long-term, sustainable program, using existing state and federal funds,” said Christiane Schmenk, director of the Ohio Department of Development. “The program focuses on attaining results for Ohio businesses by installing energy-saving technologies that reduce their energy bills, create conditions for economic vitality, and improve air and water quality.”

The Energy Loan Fund is structured to invest in energy retrofits and onsite distributed energy generation projects that allow customers to manage their energy costs. Projects must realize a minimum of 15 percent reduction in energy usage, achieve economic benefits, and improve environmental quality.