National Energy Improvement Fund, Greenworks Lending Announce Joint Energy Lending Platform
ALLENTOWN, Pa. — National Energy Improvement Fund (NEIF), a certified B-Corp. energy efficiency lender, and Greenworks Lending, a commercial property assessed clean energy capital provider, have partnered to offer a single, integrated platform that will enable contractors easy, single-stop access to both commercial property assessed clean energy (C-PACE) financing and equipment-finance-agreement-based financing for energy efficiency and renewable energy upgrades. This collaboration is designed to make it easy for commercial contractors to offer C-PACE or equipment finance to their customers – enabling instant-response quotes and financing for everything from small $3,000 projects to multimillion-dollar projects.
Key elements of the platform are:
• A single, integrated portal through which contractors can access multiple finance offers;
• Project sizes from as little as $3,000 to multimillion-dollar accommodated;
• Automatic filtering via the new portal to determine appropriate financing options;
• Online finance quotes with fast response;
• Advanced payments to contractors prior to project completion; and
• All the benefits of C-PACE's 100% upfront, low-cost, long-term financing combined with an offer including all the benefits of NEIF's equipment financing.
"Since 2012, we have worked with NEIF's founders to expand access to financing options for energy efficiency and clean energy," said Genevieve Sherman, head of new markets and new products for Greenworks Lending. "We are thrilled to be teaming up again to expand access to C-PACE in key markets our firms have focused on deepening investment, including all of New England, Pennsylvania, New York, Ohio, and Michigan."
"NEIF's portal provides a simple, turnkey interface for contractors and businesses to access low-cost financing options for projects,” said Matthew Brown, co-chair and founder, NEIF. “In adding C-PACE, we are helping them access more capital for larger, deep energy retrofits and clean energy projects that need low rates and longer repayment terms to cash flow for the business. Greenworks brings the best-in-class execution on C-PACE funding and national footprint that can support our network."
Since 2018, NEIF has supported hundreds of energy efficiency and solar contractor access to customized lease and loan financing options for energy efficiency and clean energy improvements, such as lighting, HVAC, and renewable energy, with project sizes generally ranging from less than $10,000 to $1 million. With NEIF's portal, users can create a financing estimate for both contractors and customers in less than two minute's time and easily apply online. Greenworks Lending will now offer C-PACE financing nationally to NEIF's partners through this integrated and proprietary online portal. Users will be able to compare all financing options, including C-PACE financing, which will offer low rates and long repayment periods. Greenworks Lending's C-PACE financing will be available to all NEIF partners for projects greater than $250,000. The portal is expected to launch in Q1 of 2021 for customers to access NEIF and Greenworks' pricing options for energy efficiency and clean energy finance. For more information, visit www.neifund.org.
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