SmartWay Clean Diesel Finance Program
We are happy to announce in September 2008, EPA awarded $3.4 million in grants to three finance institutions to provide financial assistance for truckers under the SmartWay Clean Diesel Finance Program. These innovative loans will assist small trucking firms in lowering their fuel costs and carbon footprints by financing the purchase of idling and emissions reduction technologies.
The information provided below is based on each grant recipient's proposed loan/lease program and is subject to change.
Grant Recipient #1
|
Loan Interest rates:
|
5.5 - 8.5 percent, varies based on, among other things, each applicants business history, available collateral, cash flow and credit score |
|
Loan payback period:
|
3 - 6 years, varies based on, among other things, business history, available collateral, cash flow
|
|
Geographic Location:
|
Nationwide
|
|
Eligible activities:
|
Purchase used trucks to upgrade with EPA SmartWay or CARB verified idle reduction and/or emission reduction technology.
Purchase used trucks that are upgraded with EPA SmartWay or CARB verified idle reduction and/or emission reduction technology.
|
|
Program Goal:
|
Establish a revolving loan fund for the purchase of used trucks that have SmartWay upgrades or will receive SmartWay upgrades.
|
|
Service Fee:
|
2 - 3 percent
|
Grant Recipient #2
|
Loan Interest rates:
|
8-11 percent, includes: 7 percent for Financing Cost, 1 percent Collection Fee, and 1-3 percent Reservation Loss
|
|
Loan payback period:
|
3 years
|
|
Geographic Location:
|
Nationwide
|
|
Eligible activities:
|
Installation and leasing of EPA SmartWay or CARB verified emission and idle reduction technologies. The truck owners will purchase the equipment for $10 at the end of the loan period.
|
|
Program Goal:
|
Establish a leasing program for the installation of emission reduction technology and idle reduction technology on 1,700 trucks.
|
|
Service Fee:
|
N/A
|
|
