Reps. Don Bacon of Nebraska and Jason Crow of Colorado have introduced the Small Business Energy Loan Enhancement Act, a bipartisan bill aimed at reducing small businesses’ expenses on energy efficiency investments. The legislation proposes to increase the maximum cap on SBA 504 loans from $5.5 million to $10 million for projects that enhance energy efficiency.
Energy expenses represent a considerable cost for commercial buildings, accounting for nearly 40% of U.S. total energy consumption. Small businesses, however, frequently lack the readily available funds necessary for extensive renovations or retrofit projects, which often surpass the current loan cap provided by the U.S. Small Business Administration.
Rep. Bacon commented on the bill, stating, “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.” He added, “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.”
Rep. Crow emphasized the importance of supporting small enterprises, saying, “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,” said Rep. Crow. “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.”
Endorsing the bill, Manuel Moreno, Chair and Chief Elected Officer of the Building Owners and Managers Association (BOMA) International, stated, “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.” He expressed BOMA International’s support for the bill and praised the leadership of Representatives Crow and Bacon on this issue.
