NYSERDA energy efficiency loan program
Fund energy efficiency upgrades for your business with a low-interest rate loan
Heating, cooling, electric and other energy costs can eat up a large portion of your business’s budget. However, turning off the lights and keeping the thermostat at a reasonable temperature only go so far in cutting costs. Energy efficiency upgrades to your business can go a long way in reducing costs in the long term, but carry upfront expenses.
The NYSERDA (New York State Energy Research and Development Authority) loan program through Pursuit allows you to invest in energy efficiency upgrades and pay over time with a reduced interest rate loan. You could be approved in just 2 business days and fully funded within a week, putting you on the fast track to energy-efficiency.
Reduced fixed-interest rates
10 year terms
Streamlined online application
NYSERDA loan program details
How it works
The NYSERDA loan program makes energy efficiency upgrades affordable by reducing interest rates for borrowers. NYSERDA funds 50% of the project cost at a reduced rate of prime + 2.0% (currently 6.75%), and Pursuit funds the other 50% at an interest rate of 11.9%.
- Loan amounts: up to $100,000, total
- Interest rate: A blended rate of 9.325% (50% at 6.75% and 50% at 11.9%)
- Time to funding: 5-7 business days after your loan is approved
- Term: 10 years
Is the NYSERDA loan program right for me?
Established businesses can use the NYSERDA loan program for energy-efficiency upgrades. If your business has a break-even or positive cash-flow, and a history of paying its debts, then you’re a good candidate for the program. To be considered for automatic approval, you must meet the following requirements:
- 2 or more years in business
- 2 or more employees
- Break-even or positive cash-flow
- An average personal credit score of 640 or higher
- More than $120,000 in annual revenue
- No liens or judgements within the last 3 years for you or your business
- No prior bankruptcies for you or your business
Even if you don’t meet some of the requirements above, give us a call. You can still work with Pursuit to reach your goals. Find out if you’re eligible for our free business advisory services, which can help you get loan-ready, repair your credit and improve your business’s financial picture for the future.
What can you use a NYSERDA loan for?
NYSERDA energy efficiency loans can be used to make business upgrades that reduce heating, cooling and other energy costs. By doing so, you’ll improve your profits and reduce your environmental impact. You may want to work with an energy auditor to identify where your business could be more efficient, but some needs may include:
- A new or upgraded HVAC system
- Improved insulation and roofing
- Solar panel installation
- Installation of energy-efficient windows and lighting
Your Pursuit lender can help you understand if your upgrade is eligible for the program.
The NYSERDA loan program is administered by Pursuit Community Finance