U.S. Reps. Don Bacon (R-NE) and Jason Crow (D-CO) introduced legislation that will help small business owners save money on energy efficiency investments.
The Small Business Energy Loan Enhancement Act would help small business owners making energy efficient upgrades by expanding the cap on SBA 504 loans from $5.5 million to $10 million.
“Building businesses of the future means investing in our small businesses today. Rep. Crow and I are reintroducing the Small Business Energy Loan Enhancement Act which will empower small businesses to lower costs and improve their buildings’ operational efficiency,” Bacon said. “By expanding access to capital for energy-focused investments, this legislation allows small business to freely invest in much needed infrastructure improvements, making business more profitable and sustainable.”
The legislation would help small businesses invest in renovations or retrofitting project to assist with energy efficiency measures by increasing the 504 loan amounts. The legislation is endorsed by Building Owners and Managers Association (BOMA) International.
“The Small Business Energy Loan Enhancement Act will make a significant difference across the country, allowing properties to make the necessary investments to reduce energy consumption and bring down energy costs,” said Manuel Moreno, Chair and Chief Elected Officer of BOMA. “BOMA International is proud to support this bipartisan legislation, and we commend Representatives Crow and Bacon for their leadership on this issue.”
Crow said the legislation would also help small businesses impact both national and state economies.
“Small businesses help create millions of jobs and contribute greatly to our economy. It’s critical that we support small businesses in Colorado and across the country,” Crow said. “I’m introducing bipartisan legislation to help small businesses save money and be better able to make critical improvements that will help to conserve energy and protect our environment.”