Chapter 7.3Small Business Energy Technology Loan Program

Section § 25630

Explanation

This law section mandates the establishment of a loan program by the commission to help California's small businesses purchase equipment for alternative energy projects. The program offers low-interest loans.

The repayments, including interest and any royalties, will go into a specific fund called the Energy Technologies Research, Development, and Demonstration Account. The interest rate for these loans will be competitive, based on financial market surveys, but will not be lower than another rate called the Pooled Money Investment Account.

(a)CA Public Resources Code § 25630(a) The commission shall establish a small business energy assistance low-interest revolving loan program to fund the purchase of equipment for alternative technology energy projects for California’s small businesses.
(b)CA Public Resources Code § 25630(b) Loan repayments, interest, and royalties shall be deposited in the Energy Technologies Research, Development, and Demonstration Account. The interest rate shall be based on surveys of existing financial markets and at rates not lower than the Pooled Money Investment Account.
small business energy assistance low-interest loans revolving loan program alternative technology energy projects California small businesses equipment purchase loan repayments interest rate Energy Technologies Research Development and Demonstration Account financial market surveys Pooled Money Investment Account
(Amended by Stats. 2004, Ch. 227, Sec. 93. Effective August 16, 2004.)