Using Accessible, Attractive Financing to Grow Your Business

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  • 1.Michigan SavesEasy, Affordable Financing
  • 2.What is Michigan Saves? 2 Nonprofit, public-private partnership green bank Process driven by research and stakeholders Loss reserve for lenders Oversight of authorized contractors Program guidelines and quality control Demand for energy efficiency through outreach and incentives Government and Utilities Contractors Customers Lenders
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  • 4.Michigan Saves Residential Loan Features (owner-occupied) 4 24/7 loan application center Ten-minute loan approval process Simple, fixed rate—no teaser rates—better deal for customers Lower rates—now starting at 4.99% APR Higher dollar value—up to $50,000 Longer terms—up to 15 years Low cost for contractors No penalty for early payoff Underwriting: Credit Score: 600 and above Debt to Income Ratio: 50 percent or less No bankruptcies within the last year
  • 5.What Qualifies for Financing? Eligible improvements Air sealing and insulation Boilers Electric vehicle charging stations Furnace and air conditioning Geothermal systems Roofing Solar photovoltaic and solar thermal Water heaters Windows and doors And more Health, safety, and preexisting environmental hazards Remediation work must be coupled with an appropriate efficiency measure related to the remediation Asbestos remediation with new boiler installation Knob-and-tube wiring removal with wall insulation Roof repairs with attic insulation 5
  • 6.Residential Utility Collaboration Interest rate buydowns: Lansing Board of Water & Light / Consumers Energy  0% APR for 48 months Programs: Holland On-Bill Loan Program (Holland Board of Public Works and Holland Energy Fund) New Pilot Program for single family rentals in Washtenaw County launching in 2019 Landlord responsible for holding the loan
  • 7.Commercial and Public Sector Energy Financing Financing for energy-efficiency and renewable-energy improvements Equipment financing agreement, loans, leases $5,000 to $2,000,000 (larger projects are considered on a case by case basis) Available to all types of businesses, non-profits, public sector and multifamily housing Fast, easy process Rates start at around 6.00% NEW: Extended terms – up to 20 years! NEW: Solar Power Purchase Agreements Utility Collaboration: Consumers Energy  1.99% APR for 24 months DTE Energy  1.99%/2.99% APR for 24/60 months “In the end, we were convinced by the numbers. We did this project to save money, and we’ve been really happy with the project.” — Sam Bahoura Liberty Food Center
  • 8.Solar Power Purchase Agreements and Development Loans are also available Affordable Housing Financing – NEW!! Residential or Mixed-Use Properties Five or more residential units Serves low and moderate income residents Community-based nonprofits Up to $2,000,000 Term: up to 20 years Fixed rate, no penalty for prepayment Available for energy efficiency, renewable energy, and health and safety remediation In partnership with Inclusive Prosperity Capital Intended to serve property owners interested in making improvements mid-funding cycle
  • 9.Typical Commercial Improvements LED Lighting HVAC Refrigeration Kitchen/cooking equipment Controls and preventive maintenance Insulation, windows, and doors Custom measures, with whole building audit Solar photovoltaic systems “We would not have been able to afford all the lights upfront. But because of the financing option, we’re able to save money and make our art look spectacular, too.”– Amy Zane Amy Zane Store & Studio
  • 10.Thank you! Phone: 517-484-6474 | Email: Facebook: Twitter: @MichiganSaves Newsletter: