Tenet’s EV-specific loans help business owners lower monthly payments and finance larger fleets while reducing their carbon footprint
Tenet Energy Inc. (“Tenet”), a leading climate-financing platform, announced today the availability of electric vehicle (EV) business loans for qualifying New York-based businesses on car-sharing platforms such as Getaround. Qualifying businesses, or “hosts,” may finance up to six EVs with Tenet and take advantage of low monthly rates and a deferred down payment option.
To qualify, hosts must maintain a registered LLC in New York State and earn at least $1,200 in monthly revenues from vehicle-sharing. Tenet will draw from its $25 million warehouse facility with New York Green Bank (NYGB), a division of the New York State Energy Research and Development Authority and the State’s clean energy and sustainable infrastructure financing entity, to fund and originate EV-specific loans for eligible businesses. New York-based car-sharing hosts that do not have a registered LLC can apply for a personal loan with Tenet.
“Typical business loans aren’t designed for individuals using car sharing platforms as an income source and many hosts don’t want their personal credit reports showing multiple car loans, since it might hurt their credit scores,” said Alex Liegl, co-founder and CEO of Tenet. “With support from NY Green Bank, we’re pleased to start offering Tenet’s EV-specific loans to New York business owners who want to lower their operating costs while reducing their carbon footprint through fleet electrification.”
Tenet’s financing solutions are designed to accelerate mainstream adoption of electric vehicles by bringing down the overall cost of ownership. By taking advantage of unique EV attributes and partnering with climate-forward lenders, Tenet is able to offer highly competitive terms, with market rates for business fleet financing ranging from 8.5 to 16 percent (depending on a credit evaluation) with maximum term lengths of 84 months. Tenet helps keep monthly payments low by letting hosts defer up to 20 percent of their down payment until the last month of their terms, allowing them to pay down the remaining balance using the Inflation Reduction Act (IRA) tax credit. Hosts can pre-pay at any time with no penalties.
“We are proud to expand our partnership with Tenet with business loans that support electric vehicle car-sharing hosts to increase access to electric vehicles,” said NY Green Bank President Andrew Kessler. “This reflects NY Green Bank’s commitment to close funding gaps in the market and create a replicable model for other lenders.”
Tenet aims to expand the program nationwide in the coming months to meet growing demand from its waitlist of hundreds of interested business owners across 26 states.
Earlier this year, Tenet also announced a first-of-its-kind program with Getaround, offering individual fleet owners onboarding bonuses ranging up to $1,700 per vehicle. This, coupled with today’s announcement, further underscore the company’s commitment to empowering people to live sustainably by making EV ownership simpler and more affordable.
About Tenet
Tenet makes it easier than ever to finance renewable energy products, starting with EVs. Through its innovative, climate-focused financial ecosystem designed to accelerate the mainstream adoption of electrification technologies, Tenet leverages the unique attributes of EVs, chargers, and battery storage, among other technologies, to offer lower monthly payments for consumers and businesses. Tenet connects EV drivers and fleet owners with better loan terms from sustainability-focused financial institutions, conveniently through the company’s website or dashboard, as well as through its partners' platforms. For more information, visit www.tenet.com. Join the conversation on: Twitter, Facebook, LinkedIn, Instagram, and TikTok.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230607005288/en/
Contacts
Media:
Tori Bentkover
tenet@antennagroup.com
