Posted : Mon, 02 Feb 2009 16:58:39 GMT
PORTLAND, Ore. – (Business Wire) ShoreBank Pacific is backing up its commitment to sustainable community development with a new loan program that encourages green building.
ShoreBank Pacific’s new Green Building Loan Program provides green builders up to 85 percent loan-to-value, a significant increase in the amount commercial developers are typically able to borrow against the value of their property in the current economy. The program is the result the bank’s partnership with its nonprofit affiliate, ShoreBank Enterprise Cascadia (SBEC). SBEC provides additional funding that enables the bank to exceed usual lending amounts.
“No other financial institute combines increased lending capacity with scientific expertise to fuel the adoption of sustainable building practices,” said David Williams, CEO of ShoreBank Pacific. “Making the commitment to green building translates into long-term economic and social benefits – from reduced operational costs to improved occupant productivity – that we believe are worth funding. Our new Green Building Loan Program provides the financial backing and support developers need to create responsible projects that may otherwise not be possible.”
Applicants must meet ShoreBank Pacific’s lending and internal sustainability guidelines, or third-party certification from Energy Star, Leadership in Energy and Environmental Design (LEED®) or Earth Advantage. Loans range from $1 to $10 million, with participation partners required at higher loan amounts. More information is available by calling loan officers at any of its three locations in Ilwaco or Seattle, Wash., or Portland, Ore.
ShoreBank Pacific is the only financial institution in the country to offer an on-staff scientist and a unique scoring system to help clients identify ways to adopt sustainable business practices, from increasing energy efficiency to using renewable resources. It has a decade-long history of funding innovative and sustainable businesses and real estate developments including the Mill Pond residential development on a former brownfield site in Astoria, Ore., and several co-housing projects in Portland, Ore.
About ShoreBank Pacific
ShoreBank Pacific is an FDIC-insured bank leading the financial world in sustainable banking. Founded in 1997 by ShoreBank Corp., Chicago and Ecotrust, ShoreBank Pacific invests in people and businesses in the Pacific Northwest to create strong companies, a healthy environment and vibrant communities. ShoreBank Pacific is headquartered in Ilwaco, Wash., with additional lending offices in Portland, Ore. and Seattle, Wash. Visit www.shorebankpacific.com for more information.
About ShoreBank Enterprise Cascadia
ShoreBank Enterprise Cascadia (SBEC) is a certified non-profit Community Development Financial Institution serving urban and rural communities of Oregon and Washington. SBEC strengthens family, ecological and economic resilience through consulting, financial and business assistance to entrepreneurs, non-profits and others that deliver economic, social and/or environmental benefits to local communities and the larger region. ShoreBank Enterprise Cascadia is an affiliate of Chicago-based ShoreBank Corporation, the nation’s first and leading community development financial institution, and Ilwaco-based ShoreBank Pacific. Visit www.sbpac.com