This coverage is made possible through a partnership between BPR and Grist, a nonprofit environmental media organization.
Improving building insulation and converting equipment or operations to run on renewable energy can save small businesses money, but many don’t have the initial funding to get started.
That’s why local nonprofit financial lender Mountain BizWorks says it’s making funding available to help get clean energy projects off their feet.
The Electrify Fund, based in Western North Carolina, launched Wednesday, leaders announced. Leaders say low-interest rate loans or other financing options can support solar energy storage, energy efficiency projects, or buying electric vehicles, as well as supply startup capital for clean energy businesses.
“Through this financing tool, it's not going to help all the projects become cost-effective, but I think a lot more will be able to be financially viable,” said Eric Burton, the nonprofit’s director of energy and climate lending. He noted the financing will be particularly beneficial for rural or low-income communities affected by Helene.
Mountain BizWorks, a community development financial institution (CDFI), serves communities in Western North Carolina and is a member of Appalachian Community Capital, also a CDFI.
CDFI’s are nonprofit banks that help low-income businesses or communities fund projects. “Green banks” specifically focus on seed funding for renewable energy and other environmental projects.
ACC also runs the Green Bank For Rural America, a larger green banking project. The project leverages a combination of private capital and public funding to do its work, though not all green banks necessarily use public funding.
Federal backing for the Green Bank for Rural America comes from the Environmental Protection Agency’s Greenhouse Gas Reduction Fund, which – alongside other climate-related projects – has come under fire from President Donald Trump’s administration.
However, cash is in hand, and Bizworks says they want to focus on the ways that reducing carbon emissions can be of public benefit.
“You're saving money, you're creating healthier communities, you're supporting good jobs in our community,” said Matt Raker, the executive director of Mountain BizWorks.
The first Electrify Fund loan went to the United Methodist Church in Bryson City, which is installing solar panels. According to church finance committee members, they’re among the first non-residential buildings in town to have solar panels. Al Painter, who is Chairman of Trustees for the church, said they’re expecting a 70% reduction on their electric bill.
“We're in a depressed area here being in Swain County,” Painter said. “This is something that helps a small church in an area like this.”
Correction: A previous version of this story misstated Mountain BizWorks’ involvement with the Green Bank for Rural America. The organization is a member institution of Appalachian Community Capital, which runs GRBA.
