The Normal City Council will consider establishing the fund at its July 6 meeting. It would be administered by The Community Development Corporation of the Bloomington-Normal Area, a subsidiary of the Economic Development Council of the Bloomington-Normal Area.
As proposed, the low-interest finance would cover up to 50 percent of the cost of an energy efficiency upgrade at a Normal business. Home-based businesses would be excluded. The maximum loan is $15,000 and the maximum payback will be five years. It could be used for various purposes, such as windows, lighting, heating, solar or wind projects. Businesses also would be linked with other incentive programs offered through Ameren, Nicor, the state and others.
Fruin said "We felt it important and the Department of Energy encouraged us to get some money into private businesses,"
Spinger said that as several businesses took advantage of energy pre-audits offered by students under Illinois State University professor Tom Bierma in the Department of Health Services last year, so if approved by the City Council, the program would start as soon as possible after compliance papers are completed.
"Our thought is it will be a long-term program that will hopefully build over time," said Fruin.
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