City Launches Climate Action Loan Program

April 27, 2021 - The City of Corvallis has launched a low-interest Climate Action Revolving Loan program to invest in sustainable infrastructure improvements in targeted sectors in the community.

The $58,000 loan fund will assist nonprofit, 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 was adopted in 2016 to provide a framework for the community to meet 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. Money repaid through the loan program will be used to fund future loan awards.

Application packets are available online at https://www.corvallisoregon.gov/community/page/corvallis-climate-action. The deadline to apply is 5 p.m. May 19. 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.