Rural Business Energy Efficiency Improvement Loan Program (Maryland)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Rural Business Energy Efficiency Improvement Loan Program|
|Incentive Type||State Loan Program|
|Applicable Sector||Agricultural, Other Resource Based Businesses|
|Eligible Technologies||Agricultural Equipment, Custom/Others pending approval|
|Energy Category||Energy Efficiency Incentive Programs|
|Amount|| Loan amount: varies|
Grant: 10% of loan amount
|Maximum Incentive|| Maximum Loan: $30,000 |
|Terms||4% fixed rate; loan terms from 2 - 7 years|
|Program Administrator||Maryland Agricultural and Resource Based Industry Development Corporation|
The Maryland Agricultural and Resource Based Industry Development Corporation (MARBIDCO) offers low interest loans for energy efficiency improvements to farms and rural businesses through the Rural Business Energy Efficiency Improvement Loan Program. The program is designed to facilitate the purchase of equipment or technology that lowers business energy consumption. Applicants must have a credit score of at least 650 without any bankruptcy during the prior seven years in order to qualify for a loan.
Unsecured loans from $2,500 to $30,000 are available at a fixed interest rate of 4% under this program. Loans will be fully amortized over a term of two to seven years, not to exceed the anticipated energy savings payback period. Loan payments will correlate with the anticipated energy savings payback with at least a 1.0:1.0 ratio of debt service coverage to annual energy savings payback. Loans may not exceed the cost of improvements minus any grants received for the project. The program also offers an additional grant incentive of 10% of the loan amount up to $1,000 for borrowers that remain in good standing on their loan repayments. All applicants must include a letter of referral from a commercial lender and a copy of an energy audit report completed by a qualified third party auditor with the application. There is a $75 loan origination fee associated with participating in this program, payable at closing.
|Contact Name||Kristen Robinson|
|Department||Maryland Agricultural and Resource Based Industry Development Corporation|
|Address||1410 Forest Drive, Suite 26|
|Phone|| (410) 267-6807
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.