BINGHAMTON — The city of Binghamton unveiled its new Green Jobs Revolving Loan Fund on Thursday. The fund provides money for energy efficiency retrofits in local homes.
The loans are available to homeowners as well as to Binghamton–based companies in need of equipment and resources for energy efficiency work.
“This initiative is another way we’re keeping Binghamton on the front edge of the emerging green economy at no cost to the local taxpayers,” Binghamton’s Director of Economic Development Merry Harris said in a release. “We strongly encourage residents and business owners to seize this opportunity to lower their energy bills, create jobs, build our local economy, and reduce carbon emissions.”
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A total of $120,000 is available, with $60,000 of that coming from the U.S. Department of Agriculture’s Rural Business Enterprise Grant and a $60,000 match from the Binghamton Local Development Corporation’s Urban Development Action Grant.
Loans can range from $5,000 to $80,000, and every $35,000 of loaned dollars must create at least one full-time job. The loans require 10 percent owner equity and carry a 3 percent fixed interest rate.
Contractors eligible to use the loan program include existing city businesses with Building Performance Institute (BPI) certification, those that would like to start a BPI-certified business in the city, and those creating jobs under the Green Jobs/Green New York Program in the city.
Complete loan guidelines and applications are available online at http://bit.ly/RGXeyi.
Contact DeLore at tdelore@tgbbj.com
