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Working Capital for CEFIA-eligible Contractors

Working Capital for CEFIA-eligible Contractors. v10092013. Working Capital. What is working capital? Line of credit secured by ongoing cash flow / project finance / accounts receivable ( e .g., your customers) CEFIA’s Working Capital program Partnering with banks – Webster Bank is the first

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Working Capital for CEFIA-eligible Contractors

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  1. Working Capital for CEFIA-eligible Contractors v10092013

  2. Working Capital • What is working capital? • Line of credit secured by ongoing cash flow / project finance / accounts receivable (e.g., your customers) • CEFIA’s Working Capital program • Partnering with banks – Webster Bank is the first • Borrow up to 50% of project costs for CEFIA programprojects • Interest rate = Webster Bank Prime Rate + 2%, floating (today = 5.25%) • Webster Bank will confirm project with CEFIA 2 v10092013

  3. Application Requirements • To apply, submit the following: • Webster Bank Business Banking Application • CEFIA financial product being used (Smart-E, CT Solar Lease, CT Solar Loan, Cozy Home loan) and CEFIA-approved contractor certificate • Project address (if requesting funds with 1st application) • Project amount (if requesting funds with 1st application) • (Most recent business tax return*) • (Most recent business balance sheet) } Only for first working capital application * Total project amounts >$50k will require 2 years of tax returns 3 v10092013

  4. Getting Started To learn more or discuss working capital for your business, contact Frank Mac Hugh, V.P. of Business Banking at: • Business: (860) 692-1607 • Mobile: (860) 480-6433 • Fmachugh@websterbank.com 4 v10092013

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