Ritter Announces Business Loans For Renewable Energy

Gov. Bill Ritter, D-Colo., the U.S. Department of Energy and the Colorado Housing and Finance Authority (CHFA) have announced two new programs that will finance renewable energy businesses and energy-efficiency improvements in commercial buildings in Colorado.

The Governor's Energy Office (GEO) Revolving Loan Program is designed to finance energy efficiency and renewable energy projects in Colorado. It is supported by GEO's State Energy Program, funded by the American Reinvestment and Recovery Act of 2009. CHFA has contracted with GEO to administer approximately $13 million for this program.

Bach Composite Colorado Inc. is the first business to benefit from the GEO Revolving Loan Program. Bach will use its $3.25 million loan to support its manufacturing facility and to create jobs. The Fort Lupton facility produces components for Vestas, which has production plants in Brighton and Pueblo. The loan will support the retention and hiring of 150 employees.

The Green Colorado Credit Reserve (Green CCR), builds on the Colorado CCR, which was revived by Ritter and the state legislature in 2009 to increase small businesses' access to capital. Green CCR will allow businesses to finance up to $100,000 in energy-efficiency retrofits within their office or manufacturing facility.

SOURCE: Office of Gov. Bill Ritter


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