SBA Expands Loans for Energy-Efficient Projects
Friday, September 18th, 2009Author : Biz2Credit Advisor
Businesses ready to go green can take advantage of an expanded Small Business Administration loan program that rewards eco-friendly projects.
The SBA’s 504 loan program, which offers financing for projects designed to reduce energy consumption by at least 10 percent or which will generate renewable energy or fuels, raised the loan cap from $2 million to up to $4 million. Private banks and the companies themselves provide the rest of the project’s financing.
The SBA program is helping one San Francisco company, Service West Inc., purchase an energy-efficient 132,000-square-foot commercial office building, according to the San Francisco Business Times.
Service West provides contract furniture installation, commercial moving, delivery and warehousing services. The $10.5 million loan for the company’s new property was serviced by TMC Development.
“Service West is a perfect example of how recent changes to the SBA 504 loan program make this type of financing an even better fit for larger projects,” Barbara Morrison, CEO of TMC Development, told the San Francisco Business Times.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to katie.kapler@biz2credit.com.
Tags: eco-friendly, green, reduce energy consumption, renewable energy or fuels, SBA’s 504 loan program, Service West Inc, Small Business Administration, TMC Development
