CRF to launch green loan program for small businesses
Published November 1, 2009 | November 2009 issue
Community Reinvestment Fund, USA (CRF), a Minneapolis-based nonprofit organization that provides a secondary market for community development loans, has announced it is developing a "green" building loan program for businesses. The proposed program, called the CRF Capital Solutions–NMTC Green Building Loan for Businesses, is designed to spur investment in low- and moderate-income communities by helping small commercial and manufacturing businesses make energy-saving improvements to their buildings. According to CRF, the program will cover improvements from weather stripping to full-scale green renovations that will help business owners cut energy costs and increase the long-term value of their properties. Loans will be funded by NMTCs (New Markets Tax Credits) and issued to eligible businesses operating in NMTC-designated census tracts. The City of Minneapolis Department of Community Planning and Economic Development and the St. Paul Port Authority will serve as primary lending partners for a regional pilot of the program. CRF is currently identifying investors and additional partners for the pilot, which it plans to launch in 2010.