Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

November 14, 2024

CT Green Bank and NYC bank acquire new loans through Small Business Energy Advantage program, bringing total to $100M

HBJ File Photo Bryan Garcia is the president and CEO of the Connecticut Green Bank.
By Andrew Larson

Two banks have purchased a total of $100 million in loans issued through the Small Business Energy Advantage (SBEA) program, which provides loans that are initially funded by utility company Eversource Energy to help small businesses reduce their energy costs.

The Connecticut Green Bank and Amalgamated Bank announced Wednesday that they had purchased a recent tranche of SBEA loans, which will allow Eversource to continue issuing new loans.

“This is a great example of an innovative public-private partnership that creates significant benefits for our communities,” said Bryan Garcia, president and CEO of Connecticut Green Bank. “Through this program, small businesses are empowered to improve their operations, which helps strengthen our economy.”

Since 2018, Amalgamated Bank and Connecticut Green Bank have acquired $100 million in SBEA loans, including multiple tranches, through an agreement with Eversource. 
 
The SBEA program allows small businesses to schedule a free, no-obligation energy assessment. That can lead to efficiency upgrades, such as replacing old fluorescent lighting with LED bulbs, and zero-interest bill financing.

“The Small Business Energy Advantage program has helped small businesses across Connecticut gain access to the incentives and expertise necessary to improve their energy efficiency,” said Tilak Subrahmanian, a vice president at Eversource. “We are pleased to see so many business owners taking advantage of this program while lowering their energy bills and reducing their carbon footprint in the process.” 

Connecticut Green Bank was established in 2011 by the General Assembly to finance clean energy and environmental infrastructure investments across the state.

Amalgamated Bank, based in New York City, is owned by Workers United, an affiliate of the Service Employees International Union.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF