Descripción

The Agricultural Energy Loan Program (AELP), created through Act 87 in 2013, is administered by the Vermont Agricultural Credit Corporation (VACC). The AELP provides loans to agriculture- or forest product-based companies for renewable energy and energy efficiency projects. 

The maximum loan amount is $2,000,000, and the percent of the project funded by VACC is negotiable. Loans up to $350,000 can typically be approved internally, loans exceeding $350,000 are presented to the VACC Board monthly for consideration. Loans are provided at variable rates, although fixed rates may be available in some circumstances; current rates can be found here. Loan terms are determined on a case-by-case basis, with a maximum loan term of 20 years.

Fees associated with AELP loans include (1) a 0.5% commitment fee ($250 minimum and $2,500 maximum), (2) an Independent Engineer Review fee, (3) a $25 credit report fee, (4) an $18 flood insurance certification (if required), (5) an appraisal reimbursement (if applicable), and (6) document recording and discharge fees. There is no application fee associated with this loan.