The US Small Business Association (SBA) recently made some changes to its 504 Loan Program. The program, which offers loans with low down payments and low, fixed long-term interest rates, normally requires that borrowers have projects that will deliver certain public benefits such as job creation and a number of community development goals. But, the SBA 504 Loan program also includes a number of Green Public Policy Options that allow potential borrowers to forego these requirements if they meet certain green goals, like improving their energy efficiency or committing to at least 10% of renewable energy being generated on site.
Now, the recent changes have brought to light 1 particular option that has opened up opportunities for energy-intense businesses – such as car washes or factories – that are unable to meet these renewable energy or energy efficiency goals. If this applies to you, I suggest you read this recent article “SBA Loan Program: Using LEED To Qualify For Funding” written by LEED specialist Lance Collins, which looks in detail at how a simple 3rd party LEED assessment and a demonstrated commitment to LEED certification may offer you or your client an easy way to forego the job creation requirement and obtain funding through the SBA 504 program.