In September, TBL Fund (ICAST’s affiliated Community Development Financial Institution) announced a new bridge loan product to streamline the financing process for its customers’ green projects.
Funds from the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL) will not be available forever, and specific dollars, such as the investment tax credit (ITC) will not reach stakeholders until after the projects are completed and validated. This forces some difficult decisions about the best way to get quick cash. Credits can be transferred or sold to nonprofits, but they lose some of their value in the transfer, and additional funds are needed to hire lawyers and CPAs and purchase insurance. Bottom line: other solutions are necessary to manage the cash flow, so TBL Fund stepped in.
TBL Fund’s bridge loans help stakeholders cover the upfront costs for upgrades and get projects underway. To minimize out-of-pocket expenses, in-house experts help customers access all the incentives, rebates, and credits their projects qualify for. Once customers receive their incentives, they can repay the TBL Fund loan. Product specs:
- 12 to 36-month Loan Terms
- Competitively priced (10-year treasury plus 350 bsp)
- Free Technical Assistance provided on project scope
- Free Technical Assistance is provided to determine all eligible rebates, credits, and incentives
- 1% origination and processing fee
Customers can simply schedule a consultation with TBL Fund customer solutions specialists to review project details and get moving on their applications. TBL Fund offers quick processing and a competitive rate with low fees. To learn more and get started, click here: tblfund.org/bridge-loan/
Learn more about IRA and BIL and the importance of bridge funding: