Loans

El Paso County passes resolution for C-PACE loans

El Paso County passes resolution for C-PACE loans
Written by Publishing Team

COLORADO SPRINGS, Colorado (KRDO) – There is a valuable program coming to builders and business owners in the Pikes Peak area, all thanks to the current state program El Paso County is now selecting.

Colorado C-PACE, a clean energy program assessed for commercial properties, aims to make it easier for borrowers to secure funds to build upgrades that increase energy savings. Under this new program, owners of commercial and industrial buildings in El Paso County can apply for low-interest loans to make those upgrades.

Bobby Micholas of Kinship Landing Boutique in Colorado Springs told KRDO that it wasn’t always easy to secure funding for facility upgrades, which makes it difficult for new companies or startups to keep their organizations up to date with the code.

The new loan program — which El Paso County commissioners turned green this week — will now give building owners another tool to help their businesses thrive.

“This provides a way for our thriving business community to invest in modernizing, keeping up with the times, and complying with regulations, whether that’s about COVID standards or energy coming from the state legislature,” said El Paso County Commissioner Cammy Bremmer.

C-PACE is already available in many other counties. The software will become available once your loan management accounting systems are configured.

Cecilia Harry, the city’s chief economic development officer, said: “Energy efficiency is very important even from a cost perspective. The more efficient your lighting and lighting systems, the lower your bills, and those are real costs for businesses large and small.”

The Colorado Springs Chamber of Commerce and Economic Development led the push to implement loans here in El Paso County.

Harry says the loans distributed through the program have attractive repayment terms of up to 20 years.

They can finance 100 percent of the cost of renovating large buildings and projects that can cost between $200,000 and $1 million.

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