Truck Loan Assistance Program
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Who was Eligible
To meet the legislative intent of the loan program criteria to provide smaller fleets more financing opportunities, the program was open to qualified trucking fleets with 10 or fewer heavy-duty vehicles. Additional program criteria required that an eligible trucking company meet basic requirements by qualifying as a small business (fewer than 100 employees), generate less than $10 million in annual revenue, and obtain a vehicle registered with the California Department of Motor Vehicles.
How it’s Administered
The program was administered by the California Pollution Control Financing Authority (CPCFA) through their California Capital Access Program (CalCAP). Through CalCAP’s Independent Contributor Program, CARB contributed a small percentage of each enrolled loan into a “loan loss reserve” account. With these funds available, lenders were better equipped to lend to businesses that needed a little extra assistance, and typically offered more favorable terms than the business would otherwise qualify for.
Where and When it’s Offered
The program was offered on a continuous basis statewide. Truckers accessed the program by contacting participating CalCAP lenders and completing a loan application. Truckers were also able to work with their preferred truck dealers to coordinate financing through participating CalCAP lenders.
Project Funding or Participation Requirements
Lenders used their traditional underwriting standards to establish loan terms; however, the program included an interest rate cap of 20 percent.
Announcements and Upcoming Activities
Loan enrollments into the program ended July 31, 2023. CARB is now prioritizing funding to support zero-emission heavy-duty vehicles. CARB plans to offer financing assistance opportunities through the new Zero-Emission Truck Loan Pilot Project which is currently under development.