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Comment 281 for 2013 Investment Plan for Cap-and-Trade Auction Proceeds (2013investmentpln-ws) - 1st Workshop.


First Name: Matt
Last Name: Schrap
Email Address: mschrap@crlease.com
Affiliation: Crossroads Equipment Lease & Finance

Subject: Proceeds Comments from Crossroads Finance
Comment:
 
March 8, 2013

TO: Mary Nichols, Chairperson, CARB

RE: Cap & Trade Auction Revenue for a Loan Assistance Program

Crossroads Equipment Lease and Finance is a California based
nationwide heavy duty equipment lender. We specifically specialize
in Heavy Duty Vehicle transactions for clean diesel, hybrid and
alternative fuel equipment.

Although our portfolio spans the nation, we are proud to be a
homegrown California company and recognize the unique regulatory
and political challenges facing the transportation sector in this
state. Crossroads has created specific programs to help commercial
truck, bus and shuttle operators upgrade equipment to meet emission
standards. In fact our efforts have helped fleets secure over $20
Million in grant and incentive funds for purchase of clean diesel,
alternative fuel and near zero-emissions equipment.

Our experience in assisting end users has provided us with a unique
perspective that has shaped our program development and product
offerings. This experience has encouraged us to provide written
comments and in-person testimony to respectfully encourage and
request that you use auction revenue to create a loan guarantee
program similar to the California Capital Access Program (CalCAP)
but specifically to reduce GHG emissions from the transportation
sector. CalCAP as well as the PLACE-DL program are highly
successful loan assistance programs that have helped hundreds of
fleets secure competitive financing for clean equipment across the
state.

The program is simple, the state essentially provides a guarantee
for a specific percentage of the financing amount for the
equipment. This mitigates risk for the lender allowing for better
terms, approvals for credit challenged customers or even potential
equity in the equipment.  

Using auction proceeds to create a loan guarantee program will open
doors for end users to embark upon early adoption of zero or near
zero emission equipment. Clean equipment deployment is vital to the
Air Quality and GHG reduction goals of the Golden State. The
largest challenge for end users is the high price tag associated
with these types of equipment purchases. A loan program like CalCAP
could help lower this barrier to entry, especially for smaller,
home-grown fleets operating in the trade corridors and local
roadways in California.

Help us and companies like us, help fleets secure this equipment.

Please consider use of auction proceeds to fund a GHG specific loan
reserve program for California based fleets.

Thank you for the opportunity to comment, we look forward to
assisting in any way we can. Please feel free to contact me at the
information below for any questions.

Sincerely,

 

Matt Schrap

VP Government Programs

Crossroads Equipment Finance

Attachment:

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Date and Time Comment Was Submitted: 2013-03-08 16:13:22



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