$188 Million In Loan Guarantees And Grants Available For Renewable And Energy Efficiency Projects
The availability of $176.5 million in loan guarantees and almost $11.4 million in grants to support investments in renewable energy and energy efficiency improvements by agricultural producers and small businesses has been announced by the U.S. Department of Agriculture.
The Renewable Energy and Energy Efficiency loan and grant program was established under Section 9006 of the 2002 Farm Bill to encourage agricultural producers and small rural businesses to create renewable and energy efficient systems. A total of 435 grants totaling $66.7 million have been awarded in 36 states since the program began and in 2005, for the first time, renewable energy loan guarantees were made under the program.
Under the program, the maximum amount of a loan guarantee made to a borrower is $10 million. For renewable energy systems, the minimum grant request is $2,500 and the maximum is $500,000. For energy efficiency improvements, the minimum grant request is $1,500 and the maximum is $250,000. Rural development grants under the program will not exceed 25 percent of the eligible program costs and a combination of grants and guaranteed loans will not exceed 50 percent.
The American Competitiveness Initiative is a multi-agency commitment to ensure that America remains competitive in the global marketplace. It will invest $5.9 billion in FY 2007, and more than $136 billion over the next 10 years to increase investments in research and development, strengthen education in math and science, and encourage entrepreneurship and innovation.
