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Financing Options for Businesses

No Interest MassSave HEAT Loans

The MassSave 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:

  1. Contact your local utility or energy efficiency provider to express interest in MassSave Financing for Business. Your provider will walk you through the necessary steps based on your application type. Download business forms and documents.
  2. Obtain a pre-approval letter and loan subsidy authorization form from your utility or energy efficiency provider. View a sample loan subsidy authorization form.
  3. 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 MassSave HEAT Loan lenders available to Cambridge businesses, multi-family units, and non-profits.

Participating HEAT Loan lenders with offices in Cambridge are:

  • Century 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
  • 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
  • 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 Partners, LLC
  • 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 MassSave HEAT Loans

    The MassSave 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:

    1. Contact your local utility or energy efficiency provider to express interest in MassSave Financing for Business. Your provider will walk you through the necessary steps based on your application type. Download forms and documents.
    2. Obtain a pre-approval letter and loan subsidy authorization form from your utility or energy efficiency provider. View a sample loan subsidy authorization form.
    3. 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.

    Participating HEAT Loan lenders with offices in Cambridge partnering with MassSave include:

    • Century 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
      Cambridge Office: 2309 Massachusetts Avenue, (617) 349-5300

    • East Cambridge Savings Bank
    • 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
    • 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
    • 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 Partners, LLC
    • 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