The Small Business Energy Loan Enhancement Act increases the permissible limits for important Small Business Administration loan programs.
WASHINGTON (PRWEB) March 9, 2023
Building Owners and Managers Association (BOMA) International expands the maximum amount businesses can borrow through the Small Business Administration’s 504 Certified Development Company (504/CDC) loan program for energy efficient investments and upgrades approved a bipartisan law to The bill, introduced by Rep. Jason Crow (Democrat, Colorado) and Rep. Don Bacon (Republican, Nevada), is called the Small Business Energy Financing Enhancement Act.
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The legislation nearly doubles the amount of financing available to small businesses making energy investments through the Small Business Administration’s 504/CDC financing program, increasing the maximum amount from $5.5 million to $10 million. The program provides small businesses with long-term, fixed-rate, low-cost loans that can be used to finance renovation and retrofit projects, as well as purchases of major fixed assets such as land, equipment and machinery. Among the small businesses that benefit from this legislation are commercial real estate seeking to increase operational efficiencies through capital-intensive investments, especially older building stock. The average age of commercial buildings in the United States is over 50 years. To meet the rapidly changing needs and expectations of today’s tenants, the commercial real estate industry is facing increasing demand to operate more energy efficient and technologically enhanced buildings.
However, commercial real estate companies often do not have the capital for significant, large-scale refurbishment and renovation projects, many of which exceed the current 504/CDC lending limit of $5.5 million. increase. The Small Business Energy Financing Enhancement Act will put the needed funding within reach.
“BOMA International is proud to support the Small Business Energy Financing Enhancement Act and applauds the leadership of Congressmen Crow and Bacon in significantly expanding access to financing through small business administration. , FASAE, CAE.“This law is a game-changer for small businesses, including commercial real estate, enabling modern, smarter and energy-efficient buildings, a significant investment that will make a big difference in reducing carbon emissions.” It almost doubles the funds available to
“The groundbreaking Small Business Energy Financing Enhancement Act will enable commercial buildings to increase operational efficiency and invest in critical renovations and renovations that help the commercial real estate industry advance its sustainability goals. Elected Officer Randal Frobelius, BOMA Fellow, P. Eng, Founder and President of Equity ICI Real Estate Services, Inc. Kudos to Crow and Bacon, representatives, for expanding the funds available to the disciples to advance the necessary investments: modernizing the built environment.”
As a leader in commercial real estate, BOMA International has a long history at the intersection of business interests and environmental policy, actively addressing business-friendly considerations such as high-performance building best practices and energy efficiency. It continues to pave the way for strategy development. and carbon reduction. The Small Business Energy Loan Enhancement Act allows the commercial real estate industry to make the necessary upgrades to address these key considerations. BOMA International looks forward to working with Rep. Crow, Rep. Bacon and members of the 117th Congress to advance this legislation.
About BOMA International
International Established in 1907, the Building Owners and Managers Association (BOMA) International is a federation of US local associations and worldwide affiliates. A leading trade association for commercial real estate professionals for over 100 years, owners, managers of all types of commercial buildings including office, industrial, medical, corporate and mixed use We represent owners, service providers and other real estate professionals. BOMA International is the partner of choice for individuals in the commercial real estate industry to maximize the value of their careers, organizations and assets. Its mission is to advance the vibrant commercial real estate industry through advocacy, influence and knowledge. For more information, please visit http://www.boma.org.
Vice President, Communications & Marketing BOMA International
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