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Financing Options for Businesses
No Interest Mass Save HEAT Loans
The Mass Save HEAT Loan by Eversource, in collaboration with the state and other utilities, offers a no-interest loan program for businesses, buildings with 5 or more units, and non-profits.
Steps:
- Contact your local utility or energy efficiency provider to express interest in Mass Save Financing for Business. Your provider will walk you through the necessary steps based on your application type. Download business forms and documents.
- Obtain a pre-approval letter and loan subsidy authorization form from your utility or energy efficiency provider. View a sample loan subsidy authorization form.
- Complete the Loan Application and submit it to a participating lender along with your pre-approval letter and loan subsidy authorization form for loan approval. The Financing for Business program is supported by a consortium of local lending institutions across the state.
See this list for all of the Mass Save HEAT Loan lenders available to Cambridge businesses, multi-family units, and non-profits.
Participating HEAT Loan lenders with offices in Cambridge are:
- Century Bank
- East Cambridge Savings Bank
Century Bank offers secured and unsecured loans to businesses, buildings with 5 or more units, and non-profits. Their standard loans range from $5,000-$25,000 and their large loans range from $25,000-$500,000. Call or stop into one of their branches to learn more.
Contact Information
Website: Century Bank
Phone: 781-393-6058
Cambridge Office: 2309 Massachusetts Avenue
East Cambridge Savings Bank offers secured and unsecured loans to businesses, buildings with 5 or more units, and non-profits. Their standard loans range from $5,000-$25,000 and their large loans range from $25,000-$500,000. Call or stop into one of their branches to learn more.
Contact Information
Website: East Cambridge Savings Bank
Phone: 617-551-2420
Main Office: 292 Cambridge Street
Inman Square Office: 1310 Cambridge Street
Mass Ave Office: 2067 Massachusetts Avenue
Other Financing Options
- Accion
- Bostonia Partners, LLC
- Contact your local utility or energy efficiency provider to express interest in Mass Save Financing for Business. Your provider will walk you through the necessary steps based on your application type. Download forms and documents.
- Obtain a pre-approval letter and loan subsidy authorization form from your utility or energy efficiency provider. View a sample loan subsidy authorization form.
- Complete the Loan Application and submit it to a participating lender along with your pre-approval letter and loan subsidy authorization form for loan approval. The Financing for Business program is supported by a consortium of local lending institutions across the state.
- Century Bank
- East Cambridge Savings Bank
- Accion
- Boston Community Capital
- Bostonia Partners, LLC
Accion offers small business loans for both green businesses and energy efficiency projects. The organization will guarantee its lowest interest rate (8.99 percent) for loans used for energy efficiency investments or to provide a green product or service. The maximum loan amount is $50,000 with a five-year term.
Contact Information
Website: Accion
Phone: 617-616-1582
Bostonia has established Bostonia Clean Energy Finance, LLC to provide funding for businesses, governments, and non-profit institutions taking part in clean energy projects. Bostonia will arrange financing at the optimal price for borrowers.
Contact Information
Website: Bostonia
Financing Options for Non-Profit Organizations
No Interest Mass Save HEAT Loans
The Mass Save HEAT Loan by Eversource, in collaboration with the state and other utilities, offers a no-interest loan program for businesses, buildings with 5 or more units, and non-profits.
Steps:
Participating HEAT Loan lenders with offices in Cambridge partnering with Mass Save include:
Century Bank offers secured and unsecured loans to businesses, buildings with 5 or more units, and non-profits. Their standard loans range from $5,000-$25,000 and their large loans range from $25,000-$500,000. Call or stop into one of their branches to learn more.
Contact Information
Website: Century Bank
Cambridge Office: 2309 Massachusetts Avenue, (617) 349-5300
East Cambridge Savings Bank offers secured and unsecured loans to businesses, buildings with 5 or more units, and non-profits. Their standard loans range from $5,000-$25,000 and their large loans range from $25,000-$500,000. Call or stop into one of their branches to learn more.
Contact Information
Website: East Cambridge Savings Bank
Phone: 617-551-2450
Main Office: 292 Cambridge Street
Inman Square Office: 1310 Cambridge Street
Mass Ave Office: 2067 Massachusetts Avenue
Other Financing Options
Accion offers small business loans for both green businesses and energy efficiency projects. The organization will guarantee its lowest interest rate (8.99 percent) for loans used for energy efficiency investments or to provide a green product or service. The maximum loan amount is $50,000 with a five-year term.
Contact Information
Website: Accion
Phone: 617-616-1582
Boston Community Capital’s Loan Fund supports the development of energy efficient affordable housing. In addition, BCC’s Solar Energy Advantage (SEA) program develops fixed-price power purchasing agreements for affordable housing projects. The SEA initiative has made Boston Community Capital the largest non-utility owner of Solar PV systems in Massachusetts.
Contact Information
Website: Boston Community Capital
Bostonia has established Bostonia Clean Energy Finance, LLC to provide funding for businesses, governments, and non-profit institutions taking part in clean energy projects. Bostonia will arrange financing at the optimal price for borrowers.
Contact Information
Website: Bostonia