The ARB's Providing Loan Assistance for California Equipment (PLACE) is an innovative loan guarantee program to offer financial opportunities to on-road heavy-duty fleet owners subject to the Statewide In-Use Truck and Bus Regulation. Developed in partnership with the California Pollution Control Financing Authority (CPCFA), PLACE provides competitive-rate financing through commercial lenders participating in CPCFA’s California Capital Access Program (CalCAP).
Am I eligible?
To be eligible, a fleet must meet all the following criteria:
- Company must be a small business- 100 or fewer employees and less than $10 million in annual revenue (averaged over three years);
- Company must have their primary economic effect in California (operate in California a minimum of 51% of total mileage); and
- Company must have a fleet of 10 or fewer heavy-duty trucks.
What can I use my loan for?
Loans may only be used to purchase (not refinance) on-road diesel-powered heavy-duty trucks and equipment for compliance with the ARB’s Statewide In-Use Truck and Bus Regulation. Eligible purchases with loan proceeds include:
- Used and new tractors equipped with 2007 – 2009 model year engines certified to engine emission standards of 1.20 g/bhp-hr NOx and 0.01 g/bhp-hr PM or cleaner;
- Tractors equipped with 2010 and later model year engines ARB-certified to 2010 and later model year emission standards;
- ARB-verified diesel emission control devices (exhaust retrofits).
What are the steps for obtaining a loan through the program?
- The borrower applies for a loan at a participating CalCAP lender by filling out the Borrower Eligibility Criteria and Self-Certification Form - Sample Form.
CalCAP lenders and truck dealerships may be able to assist the borrower in completing this form. In addition, the borrower completes the lender’s required loan application forms.
- If the borrower qualifies based on the lender’s loan underwriting standards, loan documents are prepared and signed by the borrower and lender.
- Lender disburses funds to the borrower.