Empower Equity fund eyes HVAC upgrades

Ithaca, New York-based Empower Equity (EMPEQ) says it has “broadened its portfolio” to make available some $2 billion in funding focused on delivering equipment and project financing for commercial and industrial building upgrades.

According to EMPEQ, which describes itself as “a service-disabled veteran-led fintech company,” loans ranging from $10,000 to $10 million can be directed small- to mid-sized organizations to upgrade or replace their essential building equipment, such as HVAC (heating, ventilation and air conditioning) systems, chillers and boilers.

“This funding is designed to help companies critical to the fight against the coronavirus keep their buildings and equipment operational, preserve capital amidst the current economic slowdown from COVID-19, and to cover the gap between their true need and the government stimulus they will receive,” states EMPEQ.

Such projects could help bolster the project schedules of contractors in the HVAC sector, as well as boost scrap generation and the end market for metal. Copper wiring and tubing, brass and iron piping and sheet metal for duct work would all factor into such projects.

“This funding is our way of helping companies and building owners optimize cash flow and ensure business continuity,” says Herbert Dwyer, CEO and co-founder of EMPEQ. “It will also provide much needed work for professionals installing HVAC, refrigeration, lighting and other equipment.”

EMPEQ says the funding will prioritize businesses classified as essential in the fight against COVID-19, including hospitals, medical facilities, pharmacies, telecommunication providers, long-term care communities and banks. EMPEQ says it also will accept applications from nonessential business owners.