Empower Equity Announces $2 Billion in Funding to Provide Critical Equipment Capital During COVID-19
ITHACA, NY– Empower Equity (EMPEQ), a service-disabled veteran-led fintech company focused on delivering equipment and project financing for commercial and industrial buildings, has broadened its portfolio with over $2 billion in available funding. With this fund, EMPEQ can provide immediate financing, ranging from $10,000 to $10 million, for small- to mid-sized organizations to upgrade their essential building equipment—such as HVAC systems, chillers, and boilers—with new systems. 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.
Former US Marine, Herbert Dwyer, CEO of EMPEQ, co-founder of the service-disabled veteran owned and led company said, “We deeply understand and share in the concerns that business owners and building managers are facing in these unprecedented times, and are eager to help ease that burden in as many cases as we can. This funding is our way of helping companies and building owners optimize cashflow and ensure business continuity. It will also provide much needed work for professionals installing HVACR, lighting, and other equipment.”
With the developing situation in mind, the funding will prioritize businesses classified as essential in the fight against the pandemic, including hospitals, medical facilities, pharmacies, telecommunication providers, long-term care, and banks. EMPEQ will also accept applications from nonessential business owners looking for help to ease financial challenges stemming from COVID-19. While the CARES ACT is focused on providing essential working capital, and is flooded with requests, already exceeding initial expectations, EMPEQ has alternative private sources.
EMPEQ is uniquely positioned to help organizations struggling with the current business climate through its program, designed to fund projects faster than other companies. The suite of online tools developed to expedite the application can be completed in less than 5 minutes.
Businesses and building owners who can’t find the money in their budget for critical equipment—or are unable to get the funds from the stimulus package, can get their desired upgrade at no upfront cost and with no adverse effect on their balance sheet.
In one instance recently, the owner of a multi-unit housing complex in upstate New York had already decided to replace an outdated HVAC system in his complex with a newer, energy-efficient system, but he hesitated to pay upfront due to the economic uncertainty. After filling out the online application, EMPEQ quickly approved the $85,000 loan to pay for the new HVAC system in full, freeing up the owner’s cashflow. The new program is to help Small Business Owners keep operations running during the difficult times ahead.
According to a recent report from the American Society of Heating, Refrigeration and Air-conditioning Engineers (ASHRAE), improved airflow and recycling capabilities in HVAC systems can reduce airborne transmission of infectious diseases by diluting and removing the infectious agents from the area. For this reason, several leading industry experts are predicting a renewed emphasis on replacing HVAC systems in a wide variety of commercial buildings in the next year.
Incorporated in 2016, EMPEQ is changing the way commercial and industrial buildings finance their critical energy equipment and infrastructure projects. EMPEQ is a financial technology (Fintech) company that utilizes technology to provide small- and mid-size businesses, nonprofits, and municipalities easy to use and simple to understand finance options and tools for HVAC commercial contractors to close more deals, faster. EMPEQ deploys traditional financing as well as its unique subscription model.