Business & Tech
Low Interest Green Loans for Manchester Home Owners
St. Louis County is now offering low-interest loans for energy efficient home improvements.
St. Louis County is rolling out a new residential energy efficiency loan program to provide low-interest loans to qualified homeowners. Loans are to be used strictly for making “green” home improvements that improve the energy efficiency of a home. Sample projects would include sealing windows, replacing insulation or installing high efficiency water heaters.
Loans will range from $2,500 to $15,000 per home, with an interest rate of 3.5 percent. They will be available on a first-come, first-serve basis. St. Louis County has $10.4 million in federal grant money to fund the program.
Manchester’s board of aldermen recently voted to participate in the county-run program, which was necessary for residents to be eligible for loans.
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Town and Country city officials tell Town and County - Manchester Patch the city is not yet participating in the county program.
St. Louis County Director of Energy Sustainability Anne Klein said that interested residents can apply for the loans directly through a county website, St. Louis County Saves.
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“You can apply for the loans and everything on the site. There is also a list of eligible contractors,” Klein said. The county is working with the Missouri Botanical Garden’s EarthWays Center to provide training for contractors who want to work with the program. Homeowners can choose the contractor they want to work with from the list, Klein said.
The loans do not have any income requirements, but residents will have to meet eligibility guidelines to participate. The St. Louis County Saves website states requirements are a FICO score of at least 660 and a debt-to-income ratio less than 45 percent.
A complete list of eligible home improvements can be found here.
St. Louis County plans to use Qualified Energy Conservation Bonds to finance the program. The bonds will be retired as residents repay their loans.
On the Horizon:
- Check out the new Edwin Watts Golf Shop that recently opened at 13986 Manchester Rd.
- Dun & Bradstreet states there are more small businesses now than when the recession started in 2006.
- Find out which companies are the top private employers in St. Louis or across the nation at Portfolio.com’s interactive map.