Green Bank of Kentucky Program
Notification of Approval or Denial
The Loan Committee normally responds to Green Bank applications within 60 days. If a loan is approved, a letter stating such approval will be sent to the state agency. This letter informs the state agency as to the expected issue date of funds. The approval notification also includes an amortization schedule for repayment.
If a loan is accepted with modifications, or if additional information is needed, the state agency will receive an acceptance letter and an explanation of contracting arrangements or modifications the agency must make in order to receive the loan. Failure of the agency to submit additional information as requested by the Green Bank within the time specified may result in the rejection of the application.
If a loan is denied, the reason(s) for the denial will be stated in the letter or will accompany the letter. If an agency's request for a loan is denied and the agency wishes to resubmit its application, the agency must contact the Green Bank loan staff for resubmission instructions.
If a Green Bank loan application is approved for an energy savings project but no Green Bank funds are available, the related plan or project may be financed by funds supplied from external lenders or obtained through other means as provided under existing statute. The agency may also choose to have the loan put on hold until requested funds become available.
If available loan funds are insufficient to finance all approved loans, the Loan Committee will rank approved projects based on its judgment as to which projects offer the greatest cost savings, meet the goals of the Green Bank and are most beneficial to the Commonwealth. Funds will then be loaned in order of rank as they become available. This waiting list of approved, unfunded projects will be carried over into the next program year or cycle.