(Host) The Vermont Economic Development Authority says it will help the state’s businesses become more energy efficient.
VEDA has launched a new $1 million program. It’s designed for smaller companies that want to borrow as much as $150,000 to pay for energy conservation projects.
VEDA chief executive Jo Bradley says the current interest rate is two percent.
(Bradley) "I think some of the projects that you can get involved in really have – especially with a 2 percent interest rate – some really good paybacks on them. So hopefully this would be the thing that would just spur them to go ahead and do the project now.”
(Host) VEDA will require businesses that want larger loans to work with Efficiency Vermont. Those projects will be evaluated to make sure they are cost effective.
Bradley says the state’s business lending authority has not gotten involved in energy efficiency before now. But she says there’s a demand for it among business leaders.
(Bradley) "It seemed like something that was necessary and so it was just something that we decided would be a good thing for us to take on.”
(Host) For the first time, businesses can apply for the loans online. Bradley says the authority has installed new servers and security programs to allow online lending.