Arizona Bank to Offer Green Construction Loans
The Phoenix Business Journal reports that Glendale-based Community Bank of Arizona launched the first discount loan program for businesses building in accordance with criteria from the Environmental Protection Agency’s Energy Star program. Applicants who qualify will have their interest rates cut by a half-point.
“The bank has set aside $20 million for the new loan program, but may increase that depending on demand and the types of projects being funded. The minimum loan amount is $100,000.”
The program started last week and is still waiting for its first applicant, but the bank is expecting both an increase in demand and competition from other banks once word starts to spread. Here is the bank’s official press release on the story.
