Small businesses in Minnesota are becoming green thanks to a nonprofit organization. Community Reinvestment Fund, USA (CRF), an organization that helps small businesses gain access to capital, has launched the Green Loan for Businesses; a pilot loan program for small businesses in Minnesota seeking to reduce energy costs and achieve their sustainability goals.
The program targets business owners who want to make significant energy-saving improvements to their business facilities, allowing them to finance real estate and equipment upgrades or improvements. Unlike other initiatives, which can involve complicated applications or reporting requirements, the program is a solution for business owners who need between $50,000 and $300,000 for green investments.
To fund the program, CRF received a $500,000 grant from the U.S. Department of Energy and the Minnesota Department of Commerce through the American Recovery and Reinvestment Act of 2009 (ARRA).
"Providing funding for energy financing and 'green-dollar' jobs strengthens Minnesota's small businesses and gives them the resources to operate in an eco-friendly manner," says Commissioner Mike Rothman of the Minnesota Department of Commerce, "and we are proud to work with CRF."