Despite the myriad advantages of solar energy, most small businesses struggle to secure loans for their solar systems. They typically have to pay cash, use more cumbersome financing options, or in the worst case scenario, give up and forgo solar entirely.
Commercial solar lender Sunstone Credit announced a new loan product last week, Express Loan, aimed at simplifying the application process for small business solar loans under $250,000. The Express Loan is available to commercial customers of Sunstone’s approved installation partners.
Sunstone is known for its platform, which connects its financial institution partners with a national network of solar developers.
“Solar energy has traditionally been out of reach for small businesses. It requires a significant cash outlay and traditional banks don’t know how to underwrite the loans,” said Chan Tai, VP of Credit Automation at Sunstone. “Sunstone makes solar accessible to small businesses by providing quick and easy financing options that are often cheaper than what businesses are paying for their existing utility bills. With Express Loan, businesses will have faster access to Sunstone financing, accelerating their transition to solar energy and savings.”
Businesses that qualify are for-profit and property companies that have been in business for three years or longer or have co-signers who own the property.
Some notable features of Express Loan:
- Application for an Express Loan is online, takes a few minutes and involves less paperwork than is traditionally required.
- Loans can be approved without involving multiple stakeholders or layers of approval. The faster approval means customers can move forward with their solar project more quickly, and get a jump start saving money.
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