New Mexico Climate Investment Center debuts energy-efficiency loan program for small businesses, nonprofits

In an effort to support small businesses and nonprofits, the New Mexico Climate Investment Center has launched a new loan program to help finance energy efficiency and resiliency upgrades to facilities.

The NMCIC’s proposal requests will remain open through Aug. 31, according to a news release. Organizations can apply for below-market interest rate loans, each up to $250,000, for projects that electrify or solarize their facilities. Chief Investment Officer Emily Leveille said interest rates and loan durations are flexible and dependent on the project being financed.

“By improving energy efficiency and investing in electrification, organizations can reinvest savings into their missions while also contributing to New Mexico’s climate goals and community resilience,” NMCIC CEO Beth Beloff said in a statement.

Leveille said the NMCIC’s goal is to catalyze investment into clean energy technologies and increase climate resiliency in New Mexico. The organization has a particular focus on accelerating the energy transition, where “every part of the economy” can be involved, she said.

“We’re a relatively poor state; we have a lot of low-income and disadvantaged communities, as well as a big tribal population, so that’s a big area of focus for us,” Leveille said. “We have a goal to have at least 40% of our dollars deployed into tribal and rural areas.”

In reducing fossil fuel consumption, Leveille said even basic upgrades to heating and cooling systems can make large differences in emissions and energy costs. Launching the program now, the NMCIC wanted to help businesses take advantage of incentives and rebates remaining for the year to get the best deal possible.

Leveille said the NMCIC was officially established as a nonprofit last May and is considered the state’s first “green bank,” which seeks to fill finance gaps to accelerate clean energy and climate-related projects.

“Assisting small businesses with a focus on helping them make investments they need that will save them money, but also that are climate-friendly investments,” she said.

Leveille said oftentimes in the market, she sees small businesses and nonprofits struggling to get loans affordable enough to make the economics of a project work. While NMCIC can aid larger organizations, too, she said it first wanted to assist community serving facilities looking to save energy and improve operations.

“It’s really about our mission to help underserved members of the community and people that are doing great work, running small businesses, running nonprofits all over the state — they’re really the lifeblood of the economy here in New Mexico,” Leveille said.