Program Features
- Loan term is from 6-120 months
- Interest rate is fixed at 3.9%
- No prepayment penalty
- Application fee of $200 for loans over $2,000
Eligible Borrowers
A sole proprietorship, partnership, nonprofit, corporation or other business entity which is the owner and/or tenant of an eligible property within the State of Minnesota.
Eligible Property
An existing commercial property located in the State of Minnesota
Eligible Improvements
- Improvements including, but not limited to: Lighting technology upgrades, HVAC controls and upgrades, refrigeration equipment replacement and upgrades
- Annual energy savings must have a simple payback of 10 years or less
Loan Documentation Needed to Begin the Application
- Completed loan application
- Articles of Organization, Bylaws, Certificate of Incorporation, Borrowing Resolution
- Two years financials and/or tax returns for business
- Personal guarantors must total at least 50% ownership of the businesses
- Written consent from property owner for tenant to do work on the property (if owner is not the loan applicant)
- Estimate(s) for proposed work to be done