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What is GoGreen On-Bill Financing?

A streamlined and affordable approach for home and business solar and energy efficiency upgrades, now including solar and battery charger opportunities.


GoGreen On-Bill Financing is a program that provides loans to La Plata Electric Association (LPEA) customers for installing solar and energy efficient enhancements at their home or business with no upfront costs and at low interest rates. Loan payments are then repaid through your monthly electric bill. On-Bill Financing was created to promote equity, affordability, and accessibility to solar and energy efficiency by providing immediate financial and quality-of-life benefits to families and businesses.
 

Why?

GoGreen On-Bill Financing helps you afford solar and energy efficient technology with no added costs, since energy savings from improvements and additions are often greater than the cost to finance them — including lower monthly electricity usage and long-term savings.
 

How does it work?

  1. Identify Energy Needs: GoGreen On-Bill Financing relies on you, an LPEA customer, to identify the energy measures that need to be financed. No energy audit is required, though LPEA does offer free walk-through assessments.
  2. Apply Online: Apply for the On-Bill Financing program at fswb.bank/gogreen
  3. Application Review: LPEA grades the application based on the customer's utility bill payment history for the last two years. The loan application is then passed onto First Southwest Bank for final approval.
  4. Project Review: When the application is approved, LPEA projects the potential energy savings by reviewing the planned efficiency measures to be installed, past energy usage, and the size of the home or business.
  5. Project Installation: You then use the loan to pay for labor and materials.
  6. Monthly Repayment Begins: Your first monthly, loan repayment will appear on your next scheduled utility bill.
 

What energy projects are eligible for financing?

New! Solar installations and expenditures!
GoGreen On-Bill Financing covers labor and materials for projects such as:

  • Caulking/weather-stripping and insulation

  • LED lighting

  • Storm or thermal windows and doors

  • Insulating window coverings

  • Water heaters, heat pump systems or other heating or cooling systems that reduce energy consumption

  • Energy Star rated appliances

  • Solar installs, panels, chargers and expenditures (new!)

  • Solar for vehicle battery chargers (new!)

  • Battery energy storage systems (new!)

  • Installation labor

 

How much can I apply for?

LPEA customers can apply for loans up to $7,500 for non-solar residential installs and $20,000 for solar residential installs. For larger business loans, please inquire.  (restrictions may apply).

Rates as low as 3.95% APR. Please reach out or apply online for specific loan terms.
 
Can I hire a handyman or contractor to do the work under this program? And am I able to pick the contractor / solar provider for this work?
Yes. The financing includes purchase of the materials (such as caulking/weather stripping or LED flood lights), and will cover the cost of the labor to do the installation for you.

 

How do I apply for On-Bill Financing?

Apply at FSWB’s loan application portal:  https://www.fswb.bank/special-pages/online-loan-portal/

 

Questions?

Reach out to FSWB CEO Kent Curtis, kent.curtis@fswb.com.

SBA (7a) COVID Rebound - Lines of Credit Program Overview

This program features an accelerated turnaround time for a government guaranteed loan.
Applications close September 27, 2021.

Benefits to Borrowers:

  • Fast turnaround time/Streamlined processing
  • Easy-to-use lines of credit /Low, competitive interest rates
  • Start-up businesses eligible /In-house underwriting
  • Stated income/Stated Debt (Loans $100,000 or less) through 9/30/2021
  • SBA pays guarantee fees and makes first 3 months of P&I payments on all new loans through 9/30/21 (subject to SBA fund availability)
Maximum Loan Amount:   $25,000 – Unsecured | $350,000 – Secured
    $350,001 - $5,000,000  - Secured -SBA CAP Line Program
     
Packaging Fees:   $250 – Loans up to $25,000
    $350 – Loans $25,001 - $50,000
    $450 – Loans $50,001 - $100,000
    $650 – Loans $100,001 - $350,000
    $750 – Loans $350,001 - $700,000 – SBA CAP Line Program
    $2,500 – Loans $701,000-$5,000,000 -SBA CAP Line Program
     
No annual fees or SBA Guarantee Fees
     
Term:   5 years
     
Rates:   $100,000 or less
2.0% fixed (APR 2.033%) first 12 months, then WSJP +1.25% -SBA Express
     
    $101,000-$350,000
2.5% fixed (APR 2.538% based on max $350,000) first 12 months, then WSJP +1.5% -SBA Express
     
    $350,001-$5,000,000
1.75% fixed (APR 1.776% based on max $5,000,000 balance) first 12 months, then WSJP + 1% - SBA CAP Line Program
     
Eligibility:   Must be a for-profit business and meet SBA size standards, Show good character, credit, management and ability to repay, Must be an eligible business type .

Program Summary Disclaimer Statement: This form is for informational purposes only, all terms and rates are subject to approval from First Southwest Bank and/or First Southwest Community Fund and the enhanced lending entity based on program funding availability and the applicant’s credit history and ability to repay. Additional standard closing costs may apply. Items listed below “Benefits to Borrower” are comparative between the subject enhanced loan program and a traditional commercial loan. WSJP is Wall Street Journal’s Prime Rate. APR”s are an estimate only based on the maximum amounts shown and associated packaging fees.


For more information, please email allspeciallending@fswb.com and click here to apply.

Top SBA and USDA Lender

First Southwest Bank is one of the state's best SBA lenders - included in the top 25 in 2014. We're also widely-known as one of the most active USDA lenders in the state. That means we know the ins and outs of the Small Business Administration's and government financing programs and can help you navigate through to get the best credit enhanced program for you. Our expert, Sherry Waner, is waiting to hear from you! To read about how we assisted White Rock Specialties in Mosca, Colorado with their growth through a USDA program, click here.
 

Unique Lending Programs

The First Southwest Community Fund Intermediary Relending Program (IRP) provides low cost loans to businesses in rural communities that create jobs. For each proposed IRP project, First Southwest Community Fund will evaluate the benefits to rural development at large, the partner organizations that can assist, and the impacts that can be tracked as a result of the investment. 

Learn more about our unique lending program through the First Southwest Community Fund at fswcf.org.

Additionally, First Southwest Bank is proud to receive $5,000,000 through the USDA Rural Development Community Facilities Program. First Southwest Bank was one of 26 entities nationwide, and the only one in Colorado, to receive an award in 2016. This money will be used to facilitate funding for critical community facilities and nonprofits, such as libraries, fire stations and police stations, which often face unique roadblocks to securing funding. If you work for, or know of, a critical community facility that needs funding, Sherry Waner would love to meet with you.
 

We're In the AG Business Too

What we grow is YOUR agricultural business! And we do that by knowing AG lending. We've been a big part of helping Agricultural Businesses grow in the San Luis Valley for years, and have expanded that expertise to all of the markets we serve in Southwest Colorado.

We have experienced teams in all of our branches. Please give us a call, or feel free to contact Katy Dickey directly at 719.587.4218.

New! USDA Business & Industry (B&I) CARES ACT Loan

Benefits to Borrowers:
  • Fixed Rates of 6.75% up to 5 years and 8.5% up to 10 years (max term)
  • Fixed maturity, no balloon payments, fully amortizing principal & interest payments
  • Start-ups and Agriculture Producers are eligible
Maximum Loan Amount:
  • Maximum B&I Cares loan = 12 x (Borrower’s total average monthly costs or W/C expenses)
  • This amount will be reduced by any SBA Paycheck Protection Program loans received by borrower or other Federal assistance for economic recovery due to the pandemic impacts
  • Maximum loan may not exceed the traditional $25 Million threshold to one borrower
  • Example: Borrower has monthly operating costs of $100,000. They have received a $250,000 SBA PPP loan. They would be eligible for a $950,000 B&I Cares Act Program loan - $100,000 x 12 = $1,200,000 - $250,000 = $950,000
Percent of Guarantee: 90%

Use of Proceeds:
  • Payroll costs, healthcare benefits, salaries
  • Principal and interest payments on loans and/or loan costs
  • Rent/leases obligations, utilities, inventory & supplies
  • Operating costs such as Insurance and marketing or to pay taxes.
Maximum Term: 10 years

Guarantee Fees: 2% of guaranteed loan amount

Equity Contributions: A minimum of 10% balance sheet equity, or; Borrower investment of equity or other funds in the project equal to 10% or more of total eligible project costs, or; The balance sheet equity includes owner-contributed capital of 10% or more of total fixed assets.

Eligibility: Eligible borrowers are for-profit businesses, non-profit businesses, cooperatives , individuals, Agriculture producers, or tribal organizations located in a rural area1 as defined by USDA. The borrower’s headquarters may be based within a larger city as long as the project is located in an eligible rural area. Is the project located in an eligible rural area?


For more information, please email allspeciallending@fswb.com and click here to apply.

Online Banking

We fully understand that you need quick and easy access to your money, your accounts and transaction options while on the go. We promise to continually strive to provide our customers with best-in-class online and mobile products and services.

Click here to log in.

Mobile Banking

Download our FSWB-APP for Apple or Android devices and get all the convenient features of online banking on your mobile phone or tablet device.

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Paycheck Protection Program

First round applications closed August 8, 2020.
Second round applications closed March 31, 2021.

To stay updated on future programs, please subscribe here.
The Paycheck Protection Program prioritized small businesses and the millions of Americans employed by these businesses by offering forgivable loans with funds going toward job retention and other expenses.

Helpful Resources: