Tenet Business Loans for EVs Now Available to Car-Sharing Hosts in New York State

Tenet, a pioneering climate-financing platform, has today announced the launch of electric vehicle (EV) business loans for qualifying New York-based businesses on car-sharing platforms such as Getaround. Qualifying businesses, also referred to as “hosts,” now have the opportunity to finance up to six EVs with Tenet, benefitting from low monthly rates and a deferred down payment option. This move signifies Tenet’s dedication to promoting sustainable business practices and fostering growth in the green economy.

To qualify, hosts must maintain a registered LLC in New York State and earn at least $1,200 in monthly revenues from vehicle-sharing. This initiative from Tenet marks a significant step forward in encouraging environmentally-friendly business practices. By offering attractive financing options, Tenet is not only supporting the green economy but also enabling businesses to contribute to the fight against climate change. Moreover, the personal loan option for hosts without registered LLCs ensures that even smaller players can partake in this green transition. Both the business and personal loan options are a testament to Tenet’s commitment to inclusivity and sustainability in the realm of business financing. The firm’s collaboration with NYGB underscores the importance of partnership in driving green innovations forward and underscores the potential of finance as a powerful tool for environmental stewardship.

“Typical business loans aren’t designed for individuals using car sharing platforms as an income source and many hosts don’t want their personal credit reports showing multiple car loans, since it might hurt their credit scores,” said Alex Liegl, co-founder and CEO of Tenet. “With support from NY Green Bank, we’re pleased to start offering Tenet’s EV-specific loans to New York business owners who want to lower their operating costs while reducing their carbon footprint through fleet electrification.”

Tenet’s financing solutions are designed to accelerate mainstream adoption of electric vehicles by bringing down the overall cost of ownership. By taking advantage of unique EV attributes and partnering with climate-forward lenders, Tenet is able to offer highly competitive terms, with market rates for business fleet financing ranging from 8.5 to 16 percent (depending on a credit evaluation) with maximum term lengths of 84 months. This helps keep monthly payments low by letting hosts defer up to 20 percent of their down payment until the last month of their terms, ultimately allowing them to pay down the remaining balance using the Inflation Reduction Act (IRA) tax credit. Notably, hosts can pre-pay at any time with no penalties, adding an extra layer of flexibility that differentiates Tenet’s offering in the market.

“We are proud to expand our partnership with Tenet with business loans that support electric vehicle car-sharing hosts to increase access to electric vehicles,” said NY Green Bank President Andrew Kessler. “This reflects NY Green Bank’s commitment to close funding gaps in the market and create a replicable model for other lenders.”

Tenet aims to expand the program nationwide in the coming months to meet growing demand from its waitlist of hundreds of interested business owners across 26 states.