M&T Bank and Sunstone Credit Announce Joint Program to Give More Businesses Access to Simple, Affordable Solar Financing
Partnership signals significant momentum for the climate tech industry
NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) — Sunstone Credit, Inc., a commercial solar loan platform that helps businesses switch to clean energy, today announced a program with M&T Bank (NYSE:MTB) to give more businesses access to easy, affordable solar financing.
Despite the advantages and incentives for businesses to go solar, most companies lack access to loan financing for solar installations, forcing them to pay cash or forgo switching to clean energy altogether. By collaborating with M&T Bank, a top 20 commercial bank in the United States, Sunstone will expand access to its simple, cost-effective loan financing, helping more businesses afford solar systems.
“Sunstone has an incredible track record and depth of expertise in solar financing, and we’re thrilled to team up with them to support businesses’ growing interest in adopting clean energy,” said Jeff Balcom, Senior Director of Business Banking Credit at M&T Bank. “This program will give our clients easier and faster access to straightforward, competitive solar financing options from an established fintech leader.”
Sunstone’s installer network spans across all 50 states, and the company continues to expand its affordable financing options via its best-in-class online platform to suit varying borrowing needs for businesses of all sizes. In 2023, Sunstone surpassed half a billion dollars in initiated loan applications across the U.S.
“Through our program with M&T, we’re poised to make it easier than ever for businesses to pivot to solar energy,” said Josh Goldberg, co-founder and CEO of Sunstone Credit. “Having such a well-regarded banking partner in our corner will accelerate our growth, and the growth of the commercial solar market, in a really meaningful way.”
This announcement comes on the heels of Sunstone opening its co-headquarters in Baltimore to expand solar access in the Mid-Atlantic. The company also recently acquired ORKA Finance, a commercial solar lender, and joined a consortium of investors to buy Sunlight Financial, a residential solar financing company.
To learn more, visit Sunstone Credit or M&T Bank’s websites.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
About Sunstone Credit
Sunstone Credit is on a mission to democratize access to solar for businesses of all sizes. Sitting at the intersection of climate, finance and technology, Sunstone has built a best-in-class technology platform and partnered with leading financial institutions and a national network of solar developers to provide business borrowers access to simple, affordable and easy-to-understand solar loan products with flexible terms and a streamlined application process. When commercial customers go solar using Sunstone’s products, they save money and reduce their carbon footprint, driving a clean, green future for all. Learn more at sunstonecredit.com.
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