BancoEstado launches its first green consumer loan
The initiative seeks to finance projects that favor the use of renewable energies and energy efficient technologies to help care for the environment.
Santiago, October 1, 2019.- The Chairman of the Board of BancoEstado, Mr. Arturo Tagle, jointly with ministers Felipe Larraín, Finance; Juan Carlos Jobet, Energy; and Carolina Schmidt, Environment, launched the first green consumer loan of the financial institution.
The initiative, aimed at both customers and non-clients of BancoEstado, seeks to finance energy efficiency and renewable energy projects for homes, promoting the use of clean and friendly sources through thermal insulation, solar energy, air conditioning and efficient ventilation projects.
Its main objective is to stimulate actions that help to meet the climate change challenge, promoting the change from fossil fuel energies to renewable and efficient energies.
BancoEstado’s Chairman of the Board, Arturo Tagle, stated “not only we have to take care of the investments we fund but also promote investments that lead to a cleaner environment. We want to fulfill our role of helping people to achieve their dreams and be a powerful public policy tool that supports Chile in its path towards a complete development. In essence, we want to be a better bank for a better country”.
At the instance, the Chief Executive Officer of BancoEstado, Mr. Juan Cooper, made a presentation on the matter and explained “this is part of a route that the bank has been working since 2016. Also, we are developing a loan for electro-mobility, which in a first stage, will permit to renew vehicles such as taxis and buses”.
The Green Consumer Loan offers a preferential rate from 0.52% per month (the rate will depend on the amount, term and credit evaluation; also, it is subject to change according to commercial conditions in force at the time of granting the loan); 100% funding of the value of the project; up to 90 days for payment of the first installment; and up to two months in the year, not consecutive, of non-payment of these.
Those interested parties who want to access this product must be credit subject persons and their project must be certified by the Energy Sustainability Agency.
The Minister of Finance, Felipe Larraín, said “we celebrate the drive being led by BancoEstado, which is at the forefront of green finance at the national and continental levels. We want to be ambitious in the task of preserving the environment for us, our children and grandchildren, and what a better way to do it in a responsible way with tools like these”.
Meanwhile, Energy Minister Juan Carlos Jobet said “this initiative is very important because it shows that caring for the environment is everyone's job. Protecting the environment is not contrary to economic development and this loan is an example of that”.
The Minister of the Environment, Carolina Schmidt, congratulated BancoEstado for the development of this initiative and pointed out “it is an opportunity that the bank is giving to all people to improve their quality of life and access to inexpensive energy, which finally helps to care for the environment”.
This product adds to other initiatives that BancoEstado has developed along the same line, such as the Eco-vivienda Mortgage Loan, which seeks to encourage the construction and acquisition of energy efficient homes; and the Green Loan for SMEs, which provides investment funding for projects and working capital funding for its implementation.