The MPCA has made up to $250,000 in Small Business Environmental Improvement Loans available at zero-percent interest to small businesses for installation and equipment purchases associated with a switch from the use of trichloroethylene (TCE) to an alternative demonstrated to be less toxic.
Eligibility and conditions
Eligible projects reduce air emissions through the purchase and installation of equipment associated with a switch from the use of TCE to an alternative demonstrated to be less toxic.
Qualified borrowers must be an existing small business corporation, sole proprietorship, partnership, or association with:
- Less than 500 full-time employees
- An after-tax profit of less than $500,000
- A demonstrated ability to repay the loan
Loan terms and conditions:
- Loan amount between $1,000 and $75,000
- Interest rate: Zero percent (0%)
- Repayment term up to seven years
- Flexibility in the types of collateral accepted
- Awarded throughout the year
Application and evaluation
Benefits include easy application process, flexible collateral options, a competitive interest rate, and a long 7-year payback.
Successful applicants have demonstrated they can repay the loan and that their project will benefit the environment. All project costs must be pre-approved and cannot be incurred until the application process is complete. Borrowers must report on the project's realized environmental and economic benefits.
A screening committee of financial and environmental professionals evaluates each application.
- Kari Cantarero (651-757-2875, 800-657-3938)