Oct. 2009—The SmartWay and the National Clean Diesel Campaign recently announced the availability of assistance to create innovative finance programs, such as cost leases or revolving loan programs, to achieve reductions in diesel emissions throughout the United States.
Community Spec is taking this opportunity and developing a 2009 SmartWay Clean Diesel Finance Program grant application for the for the United Motorcoach Association.
To date the SmartWay Program has awarded $20 million dollars; another $10 million is expected to be awarded in the near future.
Examples of winning projects
• A revolving loan program to assist drayage (transport by truck for short distances) operators in the Houston-Galveston Area to purchase and operate cleaner trucks.
• A project called “Non-road Equipment Diesel Emission Reduction Program” that will establish a revolving loan program to encourage owners of non-road diesel equipment to replace, re-power or retrofit their older diesel equipment to maximize diesel emission reductions.
What is a revolving loan?
A revolving loan is a source of money from which loans are made.
As loans are repaid by the borrowers, the money is returned to the revolving loans funds (RLF) to make additional loans. In that manner, the funds become an ongoing or “revolving” financial tool.
The interest and fees paid by the RLF borrowers support program administration so that the fund’s capital base remains intact.
RLFs are typically administered by government agencies or non-profits with the goal of creating positive change within their community or target lending group.
Want to know more about the SmartWay Program?
Visit our Grant Programs page under the Environmental Protection Agency section.
The closing date for this round of applicants is December 8, 2009.
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