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The Biden-Harris Administration is taking steps to help the clear vitality economic system. The U.S. Small Enterprise Administration (SBA) has eliminated its 504 Loan Program cap on lending for clear vitality tasks. This transfer is a part of a broader effort to advance the nation’s clear vitality targets.
Supporting Small Companies in Clear Vitality
Administrator Isabel Casillas Guzman, head of the SBA, highlighted the significance of small companies within the clear vitality transition. She acknowledged, “Small businesses and start-ups play a crucial role in innovating climate technology and adopting sustainable practices. This helps advance President Biden’s goal of net zero by 2050. As the Biden-Harris Administration invests in climate resilience, clean energy, and infrastructure, the SBA is ensuring small businesses have access to necessary capital. By removing the cap on 504 loans for energy projects, the SBA can better achieve this goal.”
The removing of the lending cap permits small companies to safe a number of SBA 504 loans as much as $5.5 million every. Beforehand, they have been restricted to a most of $16.5 million for “energy public policy projects.” These tasks embrace lowering vitality consumption by retrofits and renewable vitality tasks like including photo voltaic panels.
This coverage change is a part of a collection of initiatives introduced by the Biden-Harris Administration to encourage funding in local weather and clear vitality. The SBA continues to work with non-public capital markets to reinforce capital entry for small companies within the clear vitality sector.
Local weather Capital Guidebook
The White Home launched a brand new Local weather Capital Guidebook right now. This guidebook supplies a complete map of federal financing applications obtainable to climate-related small companies and their traders. It enhances the SBA’s Investing in America Small Enterprise Digital Hub, which provides technical help to small companies. The hub helps companies entry grants, loans, and market alternatives from the Biden-Harris Administration’s local weather investments.
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