EcoBridge Lending
FAQs

Our goal is to help contractors with their cash flow! EcoBridge is designed to help contractors with cash flow when they are submitting incentives or OBF loan payment requests to program sponsors. EcoBridge will pay contractors up-front for approved incentive or OBF loans, enabling contractors o buy equipment, pay sub-contractors, etc. 

1. Get signed up as an NEIF-Approved Contractor.
2. Apply to participate in the NEIF EcoBridge program.
3. Begin submitting projects to NEIF for payment.

Please visit https://www.neifund.org/become-approved-contractor/. 

Contractors must submit the following: 

• 2 years of audited financial statements (balance sheet, income statement, statement of cash flows)
• Information on the program or programs for which the contractor will be submitting incentive payments, including:
  • Website of program
  • Program manual
  • Incentive assignment document
  • Full list of any required documents that contractor must submit for incentive payment request
  • Contact information for program
  • Expected payment timeline for incentives
• 2 or more examples of projects of similar scope completed by contractor 

Payments will be issued by NEIF on Friday of each week, with funds typically arriving in bank accounts the following Monday or Tuesday. In order to process payments for each week, the request must be received by NEIF by COB Wednesday.

NEIF will typically pay a contractor for 80% of the value of a submitted incentive up front. After NEIF receives the remaining incentive or OBF payment, NEIF will remit the remaining 20% to the contractor, less the NEIF fee.

NEIF pays contractors via ACH electronic funds transfer. Funds are generally available in the contractor’s account in 1-2 business days, depending on the contractor’s bank processing speed.

The costs are as follows:

• A one-time origination fee of 2% of the total approved amount, capped at $500, for each approved contractor.
• A per-draw fee of $350.
• Interest based on outstanding amount. The interest rate is fixed for the duration of each funded draw and is periodically reset based on movements in the prime rate.

If the interest rate is 12% annual, then the daily rate is 12% divided by 365. The interest cost is calculated as: [daily rate] x amount outstanding x number of days outstanding. 

For example, if there is a $100,000 incentive for which NEIF funds $80,000 (or 80%), and 90 days elapse between the day NEIF funds the contractor and the day NEIF receives funds from the program, then the cost is: [0.033%] x $80,000 x 90 = $2,368. 

(Numbers subject to rounding error.)

Minimum: EcoBridge will approve funding for a minimum of $10,000 per draw. For instance, EcoBridge will fund a $12,500 incentive at 80% ($10,000), but will not fund amounts lower than that.

Maximum: Contractors can be approved through the standard EcoBridge program for up to $500,000 in outstanding EcoBridge amounts. Higher approvals are available upon request and approval.