The Washington State Legislature allocated $40 million to the Department of Commerce in the 2013-14 capital budgets to develop, demonstrate, and deploy clean energy technologies. Of that total, $15 million dollars were provided to create a revolving loan fund to support the widespread use of proven building energy efficiency and renewable energy technologies now inhibited by lack of access to capital.
Commerce intends to meet the legislative requirements by modeling the management of the revolving loan fund after the State Small Business Credit initiative. Commerce is requesting qualifications from eligible non-profit lenders who have a track record of providing credit for energy efficiency and/or renewable power. Commerce will select one or more lenders that meet the selection criteria to operate the program.
Fund goals include the following:
- Support jobs and economic development in the state
- Timely deployment of capital
- Sustained operation of the revolving loan fund
- Increase access to capital for proven building energy efficiency and renewable technologies
- Growth of the market for energy efficiency and small scale renewables
- The fund will support the widespread use of proven building energy efficiency
- The fund will support the widespread use of proven building energy efficiency and renewable energy technologies now inhibited by lack of access to capital
Learn more about it here: RFQ-Energy-RLF-14-66155-00