ENERGY EFFICIENCY AND RENEWABLE ENERGY (EERE)
LOANS FOR MICHIGAN BUSINESSES
The Michigan Strategic Fund (MSF), through the
Michigan Energy Office (Energy Office), is offering small
businesses, currently located in Michigan, financial
assistance for energy efficiency upgrades and renewable
energy project implementation. This effort is directed at
businesses that are seeking to manufacture, upgrade and/
or install clean energy technologies.
Businesses must have projects that:
• Are ready to go no later than 30 calendar days of the
loan agreement effective date;
• Reduce energy consumption by at least 20% (building
retrofits);
• Equipment purchases for general- and
advancedmanufacturing of commercially available
products (retooling); and
• Contribute to a reduction in greenhouse gas
emissions.
HOW MUCH IS AVAILABLE?
ARE YOU ELIGIBLE?
Applicants will be required to submit quarterly reports
related to project energy use, payback and other
economic information including production data and job
creation.
Eligible borrowers can be any Michigan small business
with 500 employees, or less, that are either a partnership,
unincorporated association, corporation, limited liability
company, limited partnership, governmental agency, notfor-profit or any combination thereof can apply.
WHEN CAN PROJECTS BEGIN?
Applicants can start work once the loan agreement
is signed by the MSF Manager. Only project-related
costs that are incurred and paid for after MSF’s loan
execution may be included in the loan request.
Applicants assume all financial risk should the MSF,
federal government, and/or state not approve the
application or if all loan documents are not executed.
If the loan is not approved or executed, the MSF,
federal government, and/or state is not responsible for
reimbursement of any costs
Two (2) million dollars in loan funds are available for
eligible projects. Loan requests should be between
$50,000-350,000, and limited to supplies, materials and
equipment costs only. All awarded projects must comply
with associated federal and state requirements.
WHEN SHOULD YOU SUBMIT YOUR
APPLICATION?
This solicitation is open until September 30, 2014 or
until all available funds are exhausted. Applications for
funding will be reviewed on a first-come, first-served
basis and will be evaluated by a review committee for
project merit and applicant creditworthiness. The Energy
Office reserves the right to close the solicitation period at
any time.
CRITERIA FOR LOAN APPROVAL
INTEREST RATE & RELATED PROGRAM
fees Applicants must meet minimum credit standards
determined by the Energy Office. Credit standards are
not solely based upon FICO scores and may consist of
a face-to-face interview. Interest on approved loans is
fixed at 6% for a maximum of 4 years or 4% with a loan
guarantee. A non-refundable application fee (between
$250 - $1,000, pending on loan amount request) is
required upon submission of the loan application; and
a processing and commitment fee of 2% of the principle
amount of the loan is due at signing.
REPAYMENT TERMS
Loan repayments are due in equal semi-annual
installments of principal and interest concluding not
michiganbusiness.org
©2015 Michigan Economic Development Corporationsm
03/16B
LOAN SECURITY REQUIREMENTS
A promissory note, loan agreement and security
agreement are required to secure the loan. The security
interest will include both personal and tangible items
purchased with loan funds and other additional collateral
may be required. The Michigan Strategic Fund may
require a first priority mortgage and/or security position
on assets.
HOW ARE FUNDS DISBURSED?
Funds are available on a cost reimbursement basis. Loan
disbursements will be made upon the submission of the
vendor’s invoice and proof of payment.
WHERE IS A COPY OF THE LOAN
AGREEMENT?
A copy of the complete loan agreement with all exhibits
is available for downloading as an Adobe Acrobat
Portable Document Format (PDF) file at:
http://www.michiganbusiness.org/cm/Files/Energy_
Office/MSF-EERE-Loan-Agreement.pdf
WHAT IS THE LINK TO THE APPLICATION?
After reading and understanding the program guidelines
in its entirety, applicants may begin the application
process online at: http://www.michiganbusiness.
org/cm/Files/Energy_Office/EERE-Private-LoanApplication.docx.
WHO TO CONTACT?
For more information, contact the Michigan Economic
Development CorporationSM Customer Contact Center at
517.373.9808
michiganbusiness.org
©2015 Michigan Economic Development Corporationsm
03/16B
Revolving Loan
Fund regions
KEWEENAW
W
HOUGHTON
ONTONAGON
GOGEBIC
BARAGA
MARQUETTE
IRON
DICKINSON
REGIONS
1
Northwest region
3
Northeast region
4
West Michigan region
6
East Central region
East Michigan region
MACKINAC
DELTA
EMMET
MENOMINEE
CHEBOYGAN
CHA
RLEV
OIX
ANTRIM
GRAND
TRAVERSSE
MANISTEE
WEXFOR
RD
MASON
South Central region
8
Southwest Michigan region
9
Southeast Michigan region
KALKASKA
KALKA
2
BENZIE
LAKE
PRESQUE ISLE
MO
NT
M
3
OTSEG
GO
LEELANAU
CRAWFORD
OR
EN
CY
ALPENA
OSC
CODA
ALCONA
IOSCO
MISSAU
MISS
MIS
UKEE ROSCOMMON OGEMAW
OSCEOLA
CLARE
GLADWIN
MECOSTA
ISABELLA
MIDLAND
ARENAC
HURON
OCEANA
NEWAYGO
MUSKEGON
4
BERRIEN
8
CASSS
IONIA
BARRY
ALLEGAN
VAN BUREN
MONTCALM
KE
KENT
K
ENT
OTTAWA
7
10
CHIPPEWA
SCHOOLCRAFT
Upper Peninsula region
2
5
1
LUCE
ALGER
KALAMAZOO
KALA
J
ST. JOSEPH
GRATIO
OT
CLINTON
7
EATO
ON
CALHOUN
BRANCH
5
TUSCOLA
A
SA
AGINAW
SH
IAW
AS
SE
E
GENESEE
G
ENESSEE
E
LIVINGSTON
9
JACKSON
ON
WASHTENAW
W
ASH
HTENAW
W
LENAW
WEE
SANILAC
SAN
6
LAP
PEER
OAKLAND
O
OAK
KLA
AND
ING
GHAM
HILLSDALE
BAY
ST.
S CLAIR
MA
CO
MB
10
WAYNE
WAYNE
W
WAYN
MONROE
Detroit Metro region
Ineligible county
michiganbusiness.org
©2015 Michigan Economic Development Corporationsm
03/16B