REAP Grant Bridge Loan
Fitch Ranch Artisan Meat Co.
What CCEF
Financed
Solar
“[The CCEF Team] made everything simple, straightforward, and easy. Their rates were better than anywhere else, and their support was instrumental in moving our project forward.”
– Deborah Fitch, Business Owner of Fitch Ranch Artisan Meat Co.
About the Project
Project investment: $468,720
Incentives: $187,488 from USDA REAP Grant, 40% Investment Tax Credit
Location: Craig
Project Measures:
- Solar
Environmental Highlights:
- The estimated clean energy production will be 177,600 kWh per year, which is equivalent to powering 16 homes’ energy use for one year.
Key terms:
- Designated energy community: in general, it is a community that has been located near coal mining, oil extraction or has been disproportionately reliant on fossil fuel industries.
- Designated enterprise zone: areas that have been economically distressed noted to have high unemployment rates, low per capita income, or slow population growth.
- Bridge loan: a loan designed to bridge the gap between project implementation and receipt of specified funds (i.e. grants, construction loans, etc.).
The Story
Family-owned and operated since 2011, Fitch Ranch Artisan Meat Co. specializes in raising black angus beef and prides itself on a meticulous approach to quality, encompassing genetics, humane processing, and exceptional end-user experience. The business is located in the City of Craig, a designated energy community, due to the closing of coal mines. Craig is also in an enterprise zone due to its high unemployment and low per capita income, and stands to gain numerous benefits from the Fitch Ranch solar energy initiative.
“Our mission is to provide the best quality meat that people want, ensuring vitality and economic sustainability for local ranchers,” explains business owner Deborah Fitch.
Fitch Ranch Artisan Meat Co. is implementing a new 151.2 kWp roof-mounted solar array system to its meat processing plant facility. The business received an Energy PAL loan from CCEF for the entire project cost and they were awarded a USDA Rural Energy for America Program (REAP) grant for 40% of the project cost. CCEF’s Energy PAL loan will help bridge the gap between project implementation and the receipt of the grant. Once the grant is received, it will be used to pay down the loan after the project is completed.
The solar array system will generate an estimated 177,600 kWh per year, significantly reducing greenhouse gas emissions and providing 40% of the business’s energy needs. Due to the heavily energy intensive activity of meat processing, their carbon footprint will decrease substantially. In addition to producing renewable energy, the implementation of the solar array system will also reduce operating costs, supporting job retention and potential pay increases for its 26 employees.
“[The CCEF team] made everything simple, straightforward, and easy. Their rates were better than anywhere else, and their support was instrumental in moving our project forward,” Deborah Fitch shares.
By leveraging the USDA REAP grant and CCEF’s Energy PAL loan, Fitch Ranch Artisan Meat Co. is embracing renewable energy while contributing to Craig’s economic revitalization. For other rural small businesses in Colorado, the Fitch Ranch Artisan Meat Co. is a testament to the financial opportunities available both on a state and national level. With the right support and financing, the path to a sustainable future is well within reach.
For more information on our REAP Grant Bridge Loan, click here. For more information on the USDA Rural Energy for America Program (REAP) grant, please visit their website here.
Image Source: Fitch Ranch Artisan Meat Co.
