NEW YORK–Inclusiv is reporting it has selected 108 credit unions and Puerto Rican cooperativas to receive a combined $651 million in the first round of Clean Communities Investment Accelerator (CCIA) awards. Inclusiv said its Greenhouse Gas Reduction Fund (GGRF) CCIA program is designed to mobilize credit unions and cooperativas to offer affordable renewable energy and energy efficiency financing to reduce energy costs for American households and businesses, “creating good jobs and greater financial security.”
‘$2 Billion in New Lending Capital’
According to Inclusiv, the first cohort of 108 credit unions selected, serve more than 4.9 million Americans in 27 states and Puerto Rico.
“Their work to deploy these funds in communities that are burdened by high energy costs will generate a projected $2 billion in new lending capital and allow Americans to reinvest the savings they see on their energy bills elsewhere in the economy,” Inclusiv said. “This important stream of funding will allow credit unions to expand their lending to offer affordable loans for building energy upgrades, such as heating and cooling systems, solar panels, energy efficient appliances among other products that can help households and small businesses lower their energy costs.
“These energy upgrades employ contractors, developers, and manufacturers to carry out the projects, creating a ripple of positive economic impact locally,” Inclusiv added.
Since launching its CCIA program, Inclusiv said more than 250 credit unions and cooperativas submitted pre-qualification forms, which it said has “far exceeded” its expectations. It reported submissions came from over 40 states, including Texas, Michigan, North Carolina, Florida, and Ohio and from territories that included Puerto Rico, US Virgin Islands, and Guam.
‘Overwhelming Demand’
“The overwhelming demand for our CCIA program is a true testament of the opportunity to reduce energy costs, generate economic activity and improve air quality in low-income and disadvantaged communities,” Cathie Mahon, President/CEO of Inclusiv said in a statement.
For info: https://inclusiv.org/ggrf.