The underpayment will be added to your next utility bill.
Dividing the total repayment amount by 12 may not result in a round number. The last payment trues up the difference.
SMECO will set up a monthly posting to the utility bill for 12 months. After 12 occurrences, the posting automatically stops, assuming that each repayment amount was paid in full each month.
SMECO will post the monthly Advance charge to your SMECO utility bill. It could take up to three billing cycles from project completion before the first monthly charge posts to your utility bill. The repayment amount will be displayed under other charges as “Small Business Advance.”
No interest is charged, as this is a payment deferral, not a loan.
No credit check is required for participation in Advance.
The SBA, also known as “Advance,” allows SMECO’s business customers who enroll in the Small Business Solutions Program to pay back their contributions of $1,000 or more, typically about 20% of the total project cost, through their monthly SMECO utility bills. The repayment is over a 12-month period and carries no interest charges.