In September 2008, EPA awarded $3.4 million in grants to provide financial assistance for truckers under the SmartWay Clean Diesel Finance Program. These innovative loans will help small trucking firms lower their fuel costs and their carbon footprint by purchasing newer used trucks and idling and emissions reduction technologies.
The information provided below is based on each grant recipient's proposed loan/lease program and is subject to change. Interested applicants should contact each organization for specific application information. |
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2008 SmartWay Clean Diesel Finance Grant Awards
| Award Recipient |
Project Overview |
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Community Development Transportation Lending Services, Inc. (CDTLS) National Low Interest Revolving Loan Fund
Award Amount: $1.13 M |
Program Details:
- Interest rates: 5.5% - 8.5%, varies based on, among other things, each applicants business history, available collateral, cash flow and credit score
- Loan payback period: 3 - 6 years, varies based on, among other things, business history, available collateral, and cash flow
- Geographic Location: Nationwide
- Eligible activities: Purchase used trucks to upgrade with EPA SmartWay or CARB verified idle reduction and/or emission reduction technology.
Purchase used trucks that are upgraded with EPA SmartWay or CARB verified idle reduction and/or emission reduction technology.
- Program Goal: Establish a revolving loan fund for the purchase of used trucks that have SmartWay upgrades or will receive SmartWay upgrades.
- Service fee: 2% - 3%
Contact Information:
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Cascade Sierra Solutions (CSS) Everybody Wins USA Lease Program
Award Amount: $1.13 M |
Program Details:
- Loan Interest Rate: 8-11%, includes: 7% for Financing Cost, 1% Collection Fee, and 1-3% Reservation Loss
- Loan Payback Period: 3 years
- Geographic Location: Nationwide
- Eligible Activities: Installation and leasing of EPA SmartWay or CARB verified emission and idle reduction technologies. The truck owners will purchase the equipment for $10 at the end of the loan period.
- Program Goal: Establish a leasing program for the installation of emission reduction technology and idle reduction technology on 1,700 trucks.
Contact Information:
- Phone Number: (541) 302-0900
- E-mail Address: info@cascadesierrasolutions.org
- Address: 32670 Mill St., Coburg, OR 97408
- Website: www.cascadesierrasolutions.org
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Innovative Financing OOIDA Foundation (Owner-Operator Independent Drivers Association Foundation)
Award Amount: $1.13 M |
Program Details:
- Loan Interest Rate: Varies based on market SWAP rate
- Geographic Location: 48 contiguous states
- Eligible Activities: Purchase and installation of emission reduction and idle reduction technologies verified by EPA and/or CARB.
- Program Goal: Offer rebates to selected applicants/truck owners to install emission reduction and/or idle reduction equipment on their trucks. The first rebate to the truck owner will be for the cost of the equipment installation. Then, every six months, depending on idle/fuel use reductions demonstrated, the truck owner will receive additional rebates until 40% of the total cost of the equipment is paid.
Contact Information:
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Director of Operations: Tom Weakley
- Phone Number: (816) 229-5791
- Fax Number: (816) 427-4468
- E-mail Address: tom_weakley@ooida.com
- Address: 1 NW OOIDA Dr., Grain Valley, MO. 64029
- Website: www.ooida.com
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Please note, EPA does not endorse the products or services of commercial companies. Any reference to a specific commercial product or service by trade name, trademark, manufacturer, company or otherwise does not constitute or imply the endorsement or recommendation of the U.S. Environmental Protection Agency. The financial institutions and their loan programs listed are not government loans. If you obtain a loan from any of these financial institutions, you are subject to their terms and conditions.
Want to Learn More?
To learn more about Innovative Financing options, please contact:
SmartWay Call Center
734-214-4767
smartway_transport@epa.gov
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