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Loan Program to Help Pay for Cleaner Diesel Trucks in Norfolk

Release Date: 10/03/2007
Contact Information: Bonnie Smith [email protected], (215) 814-5543

(Norfolk, VA. October 3, 2007) Adding a new dimension to its innovative financing programs, EPA’s SmartWay Transport Partnership is now helping to arrange lower cost loans to support the purchase of cleaner used diesel trucks in the Norfolk area. The initiative was unveiled today at the American Association of Port Authorities convention in Norfolk.

Emissions from existing diesel engines currently emit large amounts of nitrogen oxides and particular matter, both of which contribute to serious public health problems. This new loan program will provide loans with lower monthly payments and more flexible loan terms for buyers of heavy duty diesel trucks equipped with a diesel exhaust filter. By purchasing less-polluting and more fuel efficient trucks, truck owners can save around $100 to $200 per month on their loan payments and reduce particulate matter emissions by at least 50%.

The loan can also be used to finance the purchase of fuel saving equipment like an auxiliary power unit, wide-based tires and advanced tractor and trailer aerodynamics, as long as the truck is also equipped with the diesel filter.

The Norfolk area partners include Virginia Port Authority, BB&T Bank, Resource Bank, Community Development Transportation Lending Services, Norfolk Truck Center, and Virginia Truck Center.

EPA is working with other port authorities to eventually expand the program nationwide, with an overall goal of reducing harmful emissions from the millions of existing diesel engines.

Information on EPA's SmartWay Transport Partnership and all its innovative financing programs are available at: www.epa.gov/smartway

SmartWay Transport Partnership is an innovative partnership between the U.S. Environmental Protection Agency and the freight industry to improve energy efficiency and reduce emissions from freight transportation.