Inclusiv and The Kresge Foundation Announce Loan Guarantee to Expand Clean Energy Lending
Inclusiv is pleased to announce a loan guarantee partnership with The Kresge Foundation to expand clean energy lending through community development credit unions. This loan guarantee will allow Inclusiv to expand secondary market opportunities for our member credit unions and expand access to affordable residential solar loans that help people save money on their energy bills.
The loan guarantee is especially relevant for smaller community development credit unions and cooperativas seeking to expand their residential solar lending. Inclusiv’s Secondary Market Program, not only reduces risk by guaranteeing 20% of each loan but also increases liquidity for credit unions through loan participations. Increasing community development credit unions’ residential solar lending will make clean energy more available and accessible to people who are most burdened by high energy costs and otherwise wouldn’t have clean energy options. With affordable and flexible financing available, low-income families will be able to afford to make clean energy upgrades that can lower their energy costs in the long term.
"By joining Inclusiv’s Secondary Market program, we are bringing solar and battery solutions to Puerto Rican communities facing some of the highest electricity rates in the United States — for a service that remains unreliable,” said Víctor Rodríguez Díaz, Executive President, Lomas Verdes Cooperativa which serves over 5,000 members in Puerto Rico. “This guarantee empowers cooperativas like ours to expand access to clean energy loans for families most vulnerable to extreme weather events, building resilience, lowering costs, and securing a sustainable and brighter future for our people."
“Kresge is excited to contribute to the enormous effort it will take to ensure that people with moderate and low incomes can participate in the transition to cleaner energy,” said Joe Evans, Senior Social Investment Officer, The Kresge Foundation. “We are proud to partner with Inclusiv for leading the way in providing opportunities for those who need it most to access affordable energy and achieve financial resilience.”
“This guarantee offers a tremendous opportunity for credit unions to expand their loan offerings to families looking to lower their high energy costs and increase the resilience of their homes. We are grateful to The Kresge Foundation for supporting our work and enabling Inclusiv to offer our first guarantees for residential solar loans,” said Cathie Mahon, President/CEO of Inclusiv.
To learn more about Inclusiv’s Secondary Market Program, visit Inclusiv.org
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