The California Energy Commission (CEC) has approved an agreement with the California Business, Transportation, and Housing Agency that will soon make more than $30 million available to eligible California manufacturing businesses.
Under the Clean Energy Business Financing Program (CEBFP), manufacturers will have the opportunity to apply for low-interest loans using American Recovery and Reinvestment Act State Energy Program funds to help broaden the state- manufacturing base.
The approved contract with the California Business, Transportation, and Housing Agency allows the agency to administer the CEBFP in cooperation with four financial development corporations located throughout California: the Pacific Coast Regional Small Business Development Corp.; the San Fernando Valley Small Business Financial Development Corp.; the State Assistance Fund for Enterprise, Business and Industrial Development Corp.; and the Valley Small Business Development Corp.
The CEBFP is open to California businesses that want to expand, diversify or retool existing facilities to manufacture eligible energy efficiency or renewable energy products, components, systems and technologies.
Loans to qualifying applicants will be a minimum of $50,000 to a maximum of $5 million. Successful applicants must meet program requirements, as well as lending qualifications. Projects must demonstrate program success, leverage other project funds and show profitability.
The CEBFP applications will become available April 7 at energy.ca.gov.
SOURCE: The California Energy Commission