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Innovative Financing:
SmartWay Clean Diesel Finance Program
SmartWay Clean Diesel Finance Program FY2009/2010 Request for Proposals Now Available
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| Project Title: |
National School Bus Equity Investment Lease Program | |
| Award Recipient: | National Association for Pupil Transportation (NAPT) | |
| Award Amount: | $5 million | |
Project Details: | ||
| Interest Rate: | Rate varies | |
| Loan Payback Period: |
5-year lease | |
| Geographic Location: |
Nationwide (where CNG infrastructure exists) | |
| Eligible Activities: |
School bus engine repower with alternative fuel (CNG) engine | |
| Project Goal: | Innovative revolving financing and lease program for school bus fleet retrofits. This program uses EPA funding to reduce monthly lease payments for repowering of about 175 school buses with compressed natural gas (CNG) engines. NAPT will leverage EPA funding with applicable Alternative Fuel Vehicle federal tax credit and any available state incentive programs. This will enable a school district to apply a portion of their project repower costs as a down payment and save on the cost of the conversion through a lower interest rate, making the monthly lease payments more affordable to the school. This program will give schools an option to incorporate alternative fueled vehicles into their fleet and extend the useful life of the buses. | |
| Contact Information: | Mike Martin, Executive Director Mike.Martin@napt.org 518-452-3611 www.napt.org/ | |
| Project Title: | Bridge Loan Program to Support Clean Drayage | |
| Award Recipient: | Houston-Galveston Area Council | |
| Award Amount: | $9 million | |
Project Details: |
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| Interest Rate: | Minimum rate will be 4% below current money center bank prime rate but not less than 4%. | |
| Loan Payback Period: | 5 – 7 years for truck loans, 3 – 5 years for equipment and retrofits | |
| Geographic Location: | Port of Houston and the Houston-Galveston-Brazoria region | |
| Eligible Activities: | Diesel replacements and repowers (Class 8a and 8b); and EPA or CARB verified idle reduction and emission reduction technology retrofits. | |
| Project Goal: | Establish a revolving loan program that will assist drayage truck owner-operators purchase and operate cleaner trucks; help the Houston-Galveston-Brazoria region attain the 8-hr ozone standard and reduce emissions of hazardous air pollutants. | |
| Contact Information: |
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| Project Title: | Nonroad Equipment Diesel Emission Reduction Program | |
| Award Recipient: | Louisville/Jefferson County Metro Government | |
| Award Amount: | $2 million | |
Project Details: | ||
| Interest Rate: | 0% - 5% | |
| Loan Payback Period: | Will vary for each loan | |
| Geographic Location: | Jefferson County, KY | |
| Eligible Activities: | Retrofit, repower and replace commercial, construction, industrial, port, railyard and other nonroad diesel equipment | |
| Project Goal: | Establish a revolving loan program that will encourage owners of nonroad diesel equipment to replace, repower or retrofit their older diesel equipment to maximize diesel emission reductions; reduce emissions of PM2.5, ozone precursors and hazardous air pollutants. | |
| Contact Information: |
Ellie.Shipley@louisvilleky.gov 502-574-2867 |
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| Project Title: | Cascade Sierra Solutions Revolving Loan Fund | |
| Award Recipient: | Cascade Sierra Solutions | |
| Award Amount: | $9 million | |
Project Details: |
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| Interest Rate: | 5%-9% | |
| Loan Payback Period: | Up to 10 years | |
| Geographic Location: | National | |
| Eligible Activities: | New SmartWay certified class 8 trucks; engine repowers, exhaust retrofits, replacement of conventional fuel vehicles with alternative fuel vehicles for on-road diesel vehicles | |
| Project Goal: | Through a lease-to-own program, deploy new, clean SmartWay certified class 8 trucks and trailers, and transport refrigeration units (TRU); and install idle reduction technologies, exhaust retrofits, trailer aerodynamic kits, SmartWay tire sets and TRU replacements; reduce emissions of NOx, PM2.5, PM10, CO, VOC/HC. |
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| Contact Information: |
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Please note, EPA does not endorse the products or services of commercial companies. Any reference to a specific commercial product or service by trade name, trademark, manufacturer, company or otherwise does not constitute or imply the endorsement or recommendation of the U.S. Environmental Protection Agency. The financial institutions and their loan programs listed are not government loans. If you obtain a loan from any of these financial institutions, you are subject to their terms and conditions.
Want to Learn More?
To learn more about Innovative Financing options, please contact:
SmartWay Call Center
734-214-4767
smartway_transport@epa.gov