Green Lending Up Despite Slow Economy

Even though the credit markets are essentially frozen, some lenders are still willing to work with those dedicated to developing “green” buildings. One of those lenders is Seattle-based ShoreBank Pacific.

ShoreBank Pacific recently established the Green Building Loan Program. The program is designed for those dedicated to being green developers. All proposed projects must be designed to meet the bank’s internal sustainability guidelines, qualifications for Earth Advantage, Energy Star, or LEED certification. In addition, projects presented for funding are assessed by scientists employed by the bank.

Green lending is a niche market but the trend is slowly catching on. Currently, banks that specialize in green lending include Green Bank in Houston, TX and New Resource Bank in San Francisco, CA. In the spring of 2009, a group of banking and environmental industry experts plan to open One Earth bank in Austin, TX. One Earth will incorporate sustainable business practices and will provide financing with an emphasis on environmentally friendly projects.

Source: CPN