Innovative ideas that save money and resources are the focus of the new Yale Sustainability Microloan Fund, announced today by the Yale Office of Sustainability. The fund will encourage Yale students, staff, and faculty to come up with creative ideas to be considered for short-term loans. Aimed at engaging all members of the Yale community in helping to enhance the culture of sustainability at Yale, this program will both foster positive change and help call attention to the connections between financial and environmental prosperity.
Microloans are typically granted to small enterprises that are unable to obtain funding through regular channels such as bank loans, investors, or, in the case of universities and corporations, operating funds. Similarly, Yale Sustainability microloans will help fund projects that save both money and the environment, but might not qualify for regular budgetary funding. Loans will be given in amounts ranging from $500 to $100,000. Applicants will be asked to describe their potential projects in detail and will be assessed by an expert committee on financial benefit, environmental benefit, feasibility, innovation and interdisciplinary/interdepartmental cooperation.
See full Press Release.
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