After a loan is executed, the borrower submits claims for reimbursement through CDFA’s Grants Management System (GMS) and attaches invoices approved for payment and other documentation. Claims are approved only for work completed or equipment/material stored on site. Funds are typically disbursed within 2 weeks. Detailed instructions for submitting claims in GMS are provided with signed loan documents.
CDFA requires that borrowers pay their monthly payments via the ACH system (excepting payments during the interest-only period). Borrowers are asked to provide CDFA with banking information so that CDFA will set up the automated payments with their bank to be drawn on the borrower’s bank account on the same day each month.
Federal Requirements and Compliance Consultant
Applicants opting to utilize Federal Funding sources will be subject to procurement (where applicable), prevailing wage, and other Federal requirements and are required to contract with a compliance consultant to manage all federal requirements for the project.
Once a loan is closed, CDFA reserves the right to request and receive annual financial statements from the Borrower. Failure to provide financial information in a timely basis will result in Borrower being in default of the terms of this Loan and result in Lender charging Borrower a late fee as outlined in Loan Agreement and Promissory Note.
Prospective Clean Energy Fund applicants are required to consult with CDFA staff before submitting a formal application. For more information, please contact Scott Maslansky, CDFA Director of Clean Energy Finance, at 603-226-2170, or email email@example.com.