Empower Equity (EMPEQ), a 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 said it 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.
The firm noted that the funding is designed to help companies critical to the fight against the COVID-19 keep their buildings and equipment operational and preserve capital amidst the current economic slowdown from the virus outbreak.
“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,” said Herbert Dwyer, CEO of EMPEQ.
The firm also said that the funding will prioritize businesses classified as essential in the fight against the pandemic, including hospitals, medical facilities, pharmacies, telecommunication providers and banks. EMPEQ also said that it will also accept applications from nonessential business owners looking for help to ease financial challenges stemming from COVID-19.
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.