Local businesses eyeing upgrades to reduce carbon emissions or waste, be that in the production process or via environmental impact-reducing partnerships with other businesses, can take full advantage of a new ‘green’ loan fund.
On Monday (April 22) at Charlotte Products on Fisher Drive, Community Futures Peterborough (CFP) revealed details of its new Climate Change and Environment Fund.
Open to any business in Peterborough county and city, CFP-provided funding of up to $100,000 will be lent at a prime rate to qualified applicants. Applicants can initiate the process of applying at communityfuturespeterborough.ca/greenfund.
The intent of the loan program is to fund energy efficient upgrades, including capital improvements, to reduce energy consumption costs, accommodate renewable energy technologies and practices, and encourage circular economy participation by localizing supply chains.
CFP executive director Devon Girard said there’s no deadline to apply. The total amount of funds available, she added, doesn’t have a cap on it at this point, noting CFP has grown its investment and lending fund to more than $14 million.
“We are here to play a role in making it as cheap and easy as possible for businesses to invest in the environment through sustainable practices,” said Girard.
“We are big believers, as many of us are, in environmental sustainability. We’re focusing on what our role in that can be, and that role is to provide businesses — or businesses looking to come to the region — with dollars at reduced lending rates and hopefully make it more attractive for them to do environmental upgrades.”
That the Earth Day announcement of the funding was made at Charlotte Products is a testament to a company that has long been a local leader in in the adoption and promotion of sound sustainable practices.
For close to 40 years, the company has been a highly regarded and awarded global leader in the formulation and production of effective, healthy, and environmentally responsible cleaning solutions.
Charlotte Products’ self-imposed sustainability test is anchored in three pillars: there must be an economic savings to the customer, there has to be an environmental benefit derived from the use of its products, and a positive social impact must be realized.
In his remarks, Charlotte Products CEO Matt Strano said investing in green and sustainable initiatives isn’t just “the right thing to do” for the environment — it also makes good business sense.
“We (Charlotte Products) have seen firsthand how investing in green initiatives can lead to economic success … it’s important that our local businesses recognize this potential as well,” Strano said.
“In today’s world, consumers are increasingly conscious of the environmental impact of their purchasing decisions. They are demanding sustainable solutions from sustainable businesses. Businesses that fail to meet those expectations risk being left behind.”
“There’s a tremendous opportunity for businesses to differentiate themselves, capturing market share by embracing sustainability. Investing in green initiatives not only lines businesses up with consumer preferences but also enhances their profitability in the long run by reducing energy consumption, optimizing resource usage and adopting eco-friendly processes. Moreover, sustainability initiatives can lead to enhanced brand reputation as well as increase customer loyalty, and access to new markets and partnerships.”
Adopting sustainable practices, added Strano, is “a smart business decision that can drive economic success and long-term growth.”
In her remarks, Peterborough GreenUP executive director Tegan Moss said investing now in solutions that lessen the impact of supply chain disruption and increased natural gas costs not only helps a business manage costs but also “be part of the solution.”
“With the launch of this fund, businesses across our region will have access to additional financial resources to take sustainability efforts to the next level,” Moss said. “(Funded) projects will not only benefit individual businesses but contribute to our community’s broader goal of building a cleaner, greener economy for us all.”
Meanwhile, Jamey Coughlin, director of business attraction, retention and expansion with Peterborough & the Kawarthas Economic Development, termed the new loan fund “a real solution” for businesses that want to adopt greener practices but are holding back due to the high cost of up-front investment.
“It provides affordable capital for projects that reduce carbon emissions and energy bills, adopt innovative new technologies, and swap out disposable for reusable,” Coughlin said. “It’s a made-in-Peterborough solution that signals to the world that we’re taking care of our planet and taking care of our local businesses.”
Political leaders chimed in Monday as well, with Peterborough Mayor Jeff Leal referencing the timing of the fund announcement.
“This week (Earth Week) is a time to come together and take action for the betterment of our planet,” Leal said. “What better way for us to come together as a community than today’s announcement of Climate Change and Environment Fund?”
Peterborough County Warden Bonnie Clark echoed that sentiment, adding the benefits of businesses investing in sustainable practices are realized on a broader scale across the region.
“This fund is the focus on the circular economy, which promotes reusing, recycling, and regeneration,” she said. “Not only does a circular economy benefit the environment. It also benefits local businesses and keeps wealth in our communities.”
“Economic development does not need to be dependent on the consumption of finite resources,” Clark added. “Investing in sustainability is about securing our future prosperity by helping our businesses become more sustainable, planting the seeds for a more resilient economy and environment.”
Since 1985, Community Futures Peterborough has supported more than 1,300 small businesses in Peterborough city and county with flexible financing, investing more than $42 million that has helped create, or maintained, an estimated 4,300 jobs.
A non-for-profit organization, CFF is funded by the federal government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
