HADLEY, Mass.–A long-time supporter of green initiatives, UMassFive College FCU has been named “Sustainable Business of the Year” for 2020 in its category by the Sustainable Business Network of Massachusetts.
Among the various green initiatives in which the $600-million UMassFive College FCU has been involved have been bicycle loans, farm share loans, energy and fuel conservation loans and the Mass Solar Loan program, a joint effort between the Department of Energy Resources and the Massachusetts Clean Energy Center.
UMassFive has been involved in the latter since its introduction in 2015.
“Following six years of involvement in the state program, the Credit Union’s participation has been labeled a tremendous accomplishment,” said the Sustainable Business Network.
The Network noted that when the program sunset at the end of 2020, UMassFive finished as its top lender, financing more than double the next highest volume lender.
Nearly 2,000 Solar Loans
“We successfully financed 1,961 solar installations totaling over $62.5 million through the state program, and built lasting relationships with solar installers statewide,” said UMassFive President and CEO Rich Kump. “What we are most proud to report, though, is that 72% of those projects benefited households that qualified for Income Based Loan Support through the program.”
UMassFive said it continues to offer Solar Financing through their own MySolar Loan, which features options such as higher maximum loan amounts, more flexible terms and conditions, and a streamlined financing process that solar installers already understand. UMassFive reported its MySolar Loan has already financed and installed 620 projects, totaling over $20 Million in successful installations.