FORT PIERCE — The nonprofit Solar and Energy Loan Fund (SELF) is pleased to announce that the organization has received official certification as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury.
A certified Community Development Financial Institution (CDFI) is a specialized financial institution that works in market niches that are underserved by traditional financial institutions. CDFIs provide a unique range of financial products and services in economically distressed target markets, according to the U.S. Department of the Treasury.
SELF has been planning to become a certified CDFI since the concept of creating a local clean energy financing program was first envisioned by the St. Lucie County Commission in the fall of 2009.
That same year, SELF was selected as 1 of 20 local programs in America to receive funding from the highly-competitive Energy Efficiency and Conservation Block Grant program. The initial $2.94 million grant from the U.S. Department of Energy has since been used to kick-start the program and provide the initial $1.7 million revolving loan pool.
The independent non-profit organization was simultaneously created in the summer of 2010, the Clean Energy Loan Program became operational in the spring of 2011, and the application for CDFI certification was submitted to the U.S. Department of the Treasury in April of 2012.
To date, SELF has completed 777 energy assessments and closed 166 loans totaling $1.44 million.
“The certification helps to further legitimize the organization and open up additional investment opportunities from banks and others to expand the size of the loan pool and overall scope and benefits of the program,” SELF Executive Director Doug Coward said.
“This is great news. Congrats to everyone for their hard work. We should be very proud of this accomplishment and excited about the new opportunities it brings,” SELF President Kyle Abney added.
The CDFI certification comes on the heels of recent announcements by SELF that the organization is beginning to open up new commercial lending opportunities in St. Lucie County and expanding into Martin, Indian River, and Okeechobee Counties beginning Feb. 1, 2013.
The expansion will begin with small pilot programs in the cities of Stuart, Sebastian, Fellsmere, and Indiantown, and grow over time as new partners and investors come on board.
For more information on the Solar and Energy Loan Fund, please call (772) 468-1818, visit www.CleanEnergyLoanProgram.org, or visit us on Facebook at www.Facebook.com/SolarEnergyLoanFund.