Energy Loans Now Available for Small Businesses & Nonprofits in Appalachian Kentucky

Energy Loans Now Available for Small Businesses and Nonprofits in Appalachian Kentucky

September 16, 2009

BEREA, KY. — The Mountain Association for Community Economic Development (MACED) is now offering an affordable energy loan product to help businesses and nonprofits pay for installations of energy efficient equipment. Loans can be used for any capital improvement or for staff training and professional certification in energy efficiency or renewable energy.

"This loan is designed to help enterprises make positive change easily, with a minimum amount of paperwork and approval time,” said Bill Schutters, MACED enterprise development director.

“Through the energy assessments MACED has completed, it’s clear that businesses and nonprofits are hurting due to rising energy prices. By investing in efficient equipment, improving building insulation, and managing energy use, businesses can reduce their exposure to rising energy prices and be in a stronger financial position,” said Joshua Bills, MACED energy specialist. “All types of businesses stand to save. We’ve seen Laundromats replace ten year-old washers and save big on electricity and water, and auto body shops replace lights and other equipment, as well. Offices, retail shops, churches and daycares have all saved by adding insulation, sealing ductwork, upgrading appliances and replacing heating, cooling and ventilation equipment. In many cases, equipment qualifies a business for federal and state tax credits.”

MACED’s energy loans are available for amounts up to $10,000 at five percent interest with a term of four years. The simple, short application can be facilitated by MACED staff at either the Paintsville office or the Berea office.

MACED is a multi-strategy sustainable economic development organization that offers economic development loans and technical assistance to new and expanding businesses in 59 counties in Appalachian Kentucky, Virginia and West Virginia. MACED recently received $2 million from the U.S. Treasury Department’s Community Development Financial Institution Program funded through the American Reinvestment and Recovery Act. That money will support the new energy loans.

“We’re eager to get these stimulus dollars on the ground in Appalachian Kentucky,” said Justin Maxson, MACED president.

For more information on MACED, visit www.maced.org or call 859-986-2373 to reach the Berea office or 606-788-6007 to reach the Paintsville office.