Michigan Energy Program Offers Commercial Loans

plant growing inside a lightbulb
A new state program for commercial loans has been launched in Michigan. The goal of the initiative is to have businesses save money by becoming more energy efficient.

“The Michigan Saves Business Energy Financing Program is a win-win-win for Michiganders. It helps businesses save on costs, creates good-paying jobs and moves us toward a greener energy future,” said Governor Rick Snyder in a press release.

The commercial loans offered by the Michigan Saves Business Energy Financing Program are intended to help businesses save money by installing energy efficient lighting, heating, insulation, refrigeration and equipment. The commercial loans are intended to have low-interest rates. The amounts of financing range from $2,000 to $150,000. Businesses are awarded commercial loans once they have an authorized contractor who can upgrade their facilities into energy-efficient status. Ervin Leasing and Bank of Ann Arbor are the commercial loan and capital providers in the program.

“We were proud to help thousands of homeowners across the state with the Michigan Saves Home Energy Loan Program and now we want to help local businesses lower their costs and improve on energy efficiencies. When businesses use inefficient ways to operate, they are losing money they could spend to hire more people or make more products,” said Julie Metty Bennett, executive director of Michigan Saves, in a press release.

Entrepreneurs and small business owners will be pleased to know that the commercial loan program extends to all areas of the state.

“Now we are proud to extend this assistance to businesses across the Great Lakes State,” said Michigan Public Service Commissioner Greg White in a press release.

The program was launched following Governor Snyder’s declaration in November that he planned to make energy efficiency a cornerstone of his administration.

 “Energy efficiency is a pro-growth strategy that aligns with the state’s plan to provide local business with the tools they need to foster economic growth and grow new jobs,” said Governor Snyder.

The initiative is being supported by the Michigan Energy Office and the Department of Energy. Michigan is considered a “most improved state” by the American Council for an Energy-Efficient Economy.

“We are pleased to have a welcoming, light and bright presence at all of our grocery markets. But that signature business model comes at a price. We are always looking for advantageous opportunities for our business and our customers and this program will help us speed up our efforts to go green while saving money. We thank the governor for highlighting our efforts,” said Justin Hiller, vice president of Hiller’s Markets, in a press release.