City Accepting New Applications for Climate Action Revolving Loan Program
August 12, 2021 - The City of Corvallis is once more accepting applications for the low-interest Climate Action Revolving Loan program aimed at investing in infrastructure improvements that reduce carbon emissions in buildings.
The loan fund will assist nonprofits, co-ops, and governmental educational institutions in their efforts to implement substantial energy efficiency or conservation projects at their own facilities, or elsewhere in the community.
Ideal projects will advance the goals of the Corvallis Climate Action Plan, which provides a framework for the community to meet its greenhouse gas reduction goals and develop mitigation and adaptation strategies for the future. A typical loan will be in excess of $10,000 and will be targeted at infrastructure improvements such as solar electric systems, energy-efficient appliances, or greenhouse gas reduction programs.
This is a competitive loan program. Successful applicants will have interest rates deferred for two years, followed by a low interest rate on any remaining balance. Repayments to the loan program will be used to fund future loan awards.
Previous applications to the Revolving Loan Fund have included projects to install hybrid hot water heaters, replace single pane windows, and improve insulation.
Application packets are available online at https://www.corvallisoregon.gov/community/page/corvallis-climate-action. The deadline to apply is 5 p.m. August 24. All applications will be reviewed concurrently after the application deadline has closed. Loans will not be awarded on a first-come, first-served basis — applicants will have the entire grant period to prepare their applications.
For more information on this program, please contact Jerry Sorte at jerry.sorte@corvallisoregon.gov or 541-766-6416.
