Atmos Launches SMB Solar Loans!
Atmos Launches SMB Solar Loans!
Atmos is excited to announce the launch of SMB Solar Loans. Designed for small- and medium-sized businesses with loans up to $250K, SMB Solar Loans are broadly available to support the clean electrification and energy resilience of commercial buildings within its lending footprint.
SMB Solar Loans are uniquely engineered to maximize the benefit of the Investment Tax Credit (ITC) extended by the Inflation Reduction Act and other federally available solar incentives, and can be used to fund up to 100% of the costs of a solar project, limited by a business’s current energy expenses.
“These loans are a game-changer for the industry”, notes Pete Hellwig, Atmos Co-Founder. “Until now, there have been no good options for most businesses to participate in our nation’s decarbonization or the tax incentives. This loan gives hundreds of thousands of businesses a bridge to energy independence.”
What types of businesses qualify for Atmos solar loans?
All types of for-profit businesses can qualify for an Atmos solar loan. Nonprofit businesses do not currently qualify since a personal guarantee is required.
Business requirements for an Atmos solar loan
Atmos SMB Solar Loans are intended for owner-occupied buildings. At a minimum, to qualify for an Atmos SMB Solar Loan, businesses must:
- Be in business for at least two years;
- Generate EBITDA > $0 for two of the last three years, verified through tax returns;
- Meet a minimum Net Worth requirement;
- Have a maximum LTV of 80% in the commercial building before the project;
- Provide personal and commercial guarantees.
Apply for a SMB Solar Loan
Atmos loans are sold through participating solar developers and contractors, not directly to business owners. If you’re a solar contractor and would like to inquire about utilizing an Atmos loan product, or you’re a business owner and would like to inquire about participating contractors in your area, please contact solarloans@joinatmos.com.
About Atmos Financial
Atmos is a financial technology company engineered to accelerate the clean energy transition. It is not a bank. Through its banking services provider, Five Star Bank (Warsaw, NY), Member FDIC, Atmos offers bank accounts that exclusively support clean energy. Atmos works through lenders across the country to enable home and commercial electrification projects of all sizes. Lending services are not available in all states.
