California Capital Access Program (CalCAP) California Air Resources Board (CARB) On-Road Heavy-Duty Vehicle Air Quality Loan Program

Portal ID:
1806
Status:
Active
Opportunity Type:
  • Loan
Last Updated:
 | 

Details

Purpose:

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.

Description:

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.

Eligibility Requirements

Eligible Applicants:

  • Business

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.

Eligible Geographies:

Must be located in California.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
On a rolling basis
Period of performance The length of time during which the grant money must be utilized.
none

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$1,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
Dependent
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • State

Funding Source Notes:

The Program is funded by CARB's Air Quality Improvement Funding Plan.

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Reimbursement(s)

Funding Method Notes:

The funds are provided to the Borrower by the participating CalCAP enrolled financial institution. Each CalCAP Lender has a loan-loss reserve account that is built up by contributions provided by CPCFA for each enrolled loan in the program.  CPCFA's contributions go into the accounts for each lender, which then can cover any potential losses in the case of a loan default. The loans that the borrowers receive are determined by the lender.

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
1-916-654-5610, CalCAP@treasurer.ca.gov