Leading the Way for Energy Efficiency Lending

Just yesterday the Community Energy Challenge in partnership with Banner Bank, made its very first energy efficiency loan! This isn't just any old home improvement loan, it's a unique low-interest loan utilizing a loan loss reserve (LLR) made possible by the American Recovery and Reinvestment Act. This LLR allows the bank to provide more attractive loans with lower interest rates, longer terms and enhanced access to credit. The reserve stretches the public funds much farther than a traditional revolving loan program, and unlike a loan guarantee program, the public risk is clearly capped. Banner Bank's local Senior Vice President had this to say: “We saw this program as a way to live Banner’s community bank values. We added up the attributes: creating green jobs, building the communities where we live and work, and teaming up with important community partners. These are all part of Banner Bank’s core mission to Do the Right Thing.”