The program is designed to help borrowers finance the purchase of heavy-duty diesel trucks driven primarily in California to comply with the State's engine emission standards.
Loans in this program must be used for the purchase of heavy-duty trucks (over 14,000 gross vehicle weight rating) equipped with specified engine emission standards for 2010 and newer model year engines. Loans enrolled in the program may receive up to 100% coverage in case of defaults. Loans may include the purchase of trailers or equipment warranty when funded with the purchase of an eligible tractor.The Maximum loan amount is $5,000,000.00 with only $2,500,000.00 enrolled in the program. CPCFA does not work directly with borrowers to apply for financing, applicants must apply through participating Financial institutions. https://www.treasurer.ca.gov/cpcfa/calcap/arb/lenders.pdf The total umber of loans enrolled (2009-2019) is 25,464 with an average loan amount of $70,397.00.
The Applicant requirements are as follows: 1. The primary economic effect must be in California. 2. The vehicle must be registered with the California Department of Motor Vehicles (DMV) 3. The borrower must have 100 employees or fewer 4. Must have 10 or fewer trucks in fleet 5. $10 million or less in average annual business revenues over the last 3 years.
Must be located in California.
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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