MetroEco loans drive clean energy savings for SMEs
Cheaper finance to back the clean energy transition for business
The CEFC is supporting independent Australian auto finance lender Metro to provide discount loans to SMEs for electric vehicles, solar PV, batteries, more efficient farming equipment and construction machinery.
$50 million
CEFC commitment
Eco loans
for SMEs
1% discount
on standard rate
Australia’s estimated 2.4 million SMEs account for up to 98 per cent of Australian businesses and are in many ways the backbone of our economy. This investment is about ensuring this dynamic and vital part of our economy can benefit from the clean energy transition, with lower energy use, lower energy costs and a smaller carbon footprint.Ian LearmonthCEO, CEFC
Our investment
The CEFC has committed $50 million to a $250 million MetroEco green securitisation warehouse to make it cheaper for small-to-medium sized businesses to finance electric vehicles, solar PV and batteries and a range of equipment that supports reduced energy use.
Metro will offer a one per cent discount on its standard rate for eligible customers. The CEFC finance backs half of that discounted rate, with the other half matched by Metro.
The CEFC has previously worked with Metro. In 2018 the CEFC backed the Metro Green initiative that encouraged customers to choose lower emissions passenger and light commercial vehicles.
OUR IMPACT
Backing business to benefit from the energy transition
Australia’s estimated 2.4 million small-to-medium enterprises account for up to 98 per cent of Australian businesses.1
The CEFC commitment to Metro is seeking to ensure these businesses can benefit from the clean energy transition by investing in best-in-class equipment to help reduce energy use, reduce energy costs and reduce carbon emissions.
The impressive range of renewable energy and energy efficient equipment supported by this initiative has the capacity to improve long-term resilience to energy price fluctuations and help businesses respond to growing consumer demands for greater transparency and sustainability.Richard LovellExecutive Director, CEFC
Supporting informed choices
Metro is engaging with clients and accredited brokers to highlight the benefits of choosing electric and energy efficient vehicle and equipment options to drive greater consumer interest.
The MetroEco website offers more information about EVs, EV charging assets and solar panels to further encourage uptake. Metro plans to gather and publish data on emissions profiles and energy performance to drive broader market uptake. Learn more about MetroEco.
1 Australian Banking Association, Small Business Lending Report, 2020
