California Board Announces Milestone in Low-Emission Truck Program

The Heavy-Duty Vehicle Air Quality Loan Program, a partnership of the California Pollution Control Financing Authority and the California Air Resources Board helped get more than 36,000 cleaner trucks on the road, according to a Feb. 14 press release. This is equivalent to removing 164 tons of particulate matter per year. The board has contributed $187 million toward loans through the program, which was established in 2009.

Funding from the board’s Air Quality Improvement Program is invested in a loan loss reserve program operated by the California Capital Access Program, or CalCAP. The funds support and incentivize lenders to offer owner-operators truck loans with favorable interest rates. The funding is available for diesel, compressed gas, hybrid, and electric trucks, as well warranty packages for vehicles financed through the program. By participating in CalCAP, lenders have access to a proven credit enhancement to meet the financing needs of the state’s small businesses. CalCap’s programs provide for specialty programs aimed at getting more clean trucks on the road and increasing the availability of electric vehicle charging stations across California.

The truck program has had its most successful year yet, in terms of loan amount and has expanded its network of lending partners, who have the expertise and knowledge with regards to financing options to help their customers get cleaner vehicles on the road. Over the last year, the program has taken on five new lenders, providing greater access to more businesses and fleet owners to this program.