Commercial Solar Equipment Loans

Steps to funding:

1. Submit the intake form, sharing high-level details about your solar project.
2. Within approximately two business days of submitting the form, our solar financing team will review and request additional documents to support your application if your solar project meets our criteria. The additional documents needed might include: a site map, quote, feasibility study, and your organization’s financial statements.
3. Once the documents are received, our team will review the documentation and will schedule an introductory call with you. In the call we’ll discuss next steps and any outstanding questions before preparing a Letter of Interest outlining our financing terms.
4. After you have reviewed our terms and are ready to proceed, we will prepare a full credit application and, within four weeks*, provide a credit decision and funding timeline based on your project schedule. We will then issue a Commitment Letter – a formal binding agreement between a lender and a borrower.
5. Finally, we will prepare all required security documentation and registrations, and will work with you and your installer to ensure that funds are sent to the appropriate bank account based on the pre-determined funding schedule.

*If your installer is part of our Solar Installer Partner Program, our team guarantees a 4-week processing time – from the moment the loan application is received to a Commitment Letter being issued.

In order to complete your application and ensure a speedy turnaround, please prepare the following documents to be reviewed:

• A site map of the property (not required but preferred).
• Quote and/or feasibility study from the solar developer or installer.
• Year-end financial statements of the business from the past two fiscal years.
• This year’s YTD financial statements  (if available).

Other documents may be requested after an introductory call with our solar financing team.

VCIB will register security on the solar equipment (panels). This may require a mortgagee waiver to be signed by your existing bank or lender; it will not disrupt your borrowing relationship. We will also ask for a GSA (General Security Agreement), which may be subordinated to an existing lender.

We will work with you and your installer to ensure funds are made available for every key milestone of your project. We can create up to four draws of the total amount, and the minimum of each draw is $100,000.