The procedure for obtaining financing under the BEERECL consists of four steps.

Step 1: BEERECL application, eligibility evaluation, REUP development and loan application
•		The project sponsor (potential borrower) contacts (or is contacted by) the participating bank or project team and submits the Application Form.
•		The project team determines project eligibility.
•		The project sponsor signs a waiver letter releasing the EBRD from any liability.
•		The participating bank performs pre-screening tests of the project sponsor’s creditworthiness.
•		The project team performs the energy audit and project cash flow analysis.
•		The project sponsor approves the energy audit results and proposed technical measures.
•		The project team, with the support of the project sponsor, develops the project business plan (REUP).
•		The project sponsor submits the loan application and the REUP to the participating bank.

Step 2: Loan agreement
•		The participating bank reviews the loan application and REUP and makes a decision on financing.
•		The project sponsor and participating bank sign a loan agreement.

Step 3: Financing disbursed and implementation
•		The project sponsor receives debt financing from the participating bank, contributes its own resources and implements the project.

Step 4: Project completion and incentive grant
•		The independent energy expert (IEE) of the EBRD validates the project completion.
•		The project sponsor receives from the EBRD incentive grant.