Congressman Crow Introduces Bipartisan Bill to Help Small Businesses Lower Their Emissions

Statement

Congressman Jason Crow (D-CO-06), member of the House Small Business Committee, today joined with Congressman Don Bacon (R-NE-02) in introducing the bipartisan Small Business Energy Loan Enhancement Act, which will help small businesses finance investments in their business to improve their energy efficiency.

The bill increases the maximum loan amount for businesses investing in energy efficiency improvements through the existing Small Business Administration (SBA) 504 loan program, which offers long-term, fixed rate, low-cost financing for small businesses. In order to be eligible for the larger loan, small businesses must undertake projects that reduce their energy consumption by 10% or generate more than 15% of the energy used by the business. That financing can be used for renovation and retrofit projects, and the purchase of major fixed assets such as land, equipment and machinery. Senator John Hickenlooper (D-CO), member of the Senate Small Business Committee, introduced the bill on the Senate side.

"Achieving our climate goals will take an all-hands-on-deck effort. I'm proud to work with Senator Hickenlooper as we work to connect Colorado small businesses with the funds they need to update their infrastructure and lower their emissions. Small businesses and the folks that keep them running are the backbone of our economy here in Colorado. These low-cost, fixed-rate loans will be key to helping these business owners position themselves for success while we also achieve our climate goals," said Congressman Crow.

"Energy efficiency in buildings is one of the most feasible and economical ways to lower energy consumption," said Congressman Bacon. "Increasing the loan amount creates opportunities for companies to make significant investments in reducing their energy portfolio."

"Increasing clean energy loans helps small businesses create jobs and save money, all while fighting climate change. We're excited Congressman Jason Crow has joined our effort to get this commonsense bill across the finish line," said Senator Hickenlooper.

Current law incentivizes energy efficiency investments by allowing businesses making such investments to qualify for a larger loan. The Crow-Bacon bill increases the loan amount for businesses making energy efficient upgrades -- from $5.5 million to $10 million.

This legislation is supported by the US Chamber of Commerce, the National Association of Development Companies (NADCO), Building Owners and Managers Association (BOMA) International, and B:Side Capital, a Denver-based small business lender for the Rocky Mountain Region.

"The U.S. Chamber of Commerce commends Congressmen Crow and Bacon for introducing the Small Business Energy Loan Enhancement Act, which will facilitate the SBA's ability to assist small businesses that seek to sustainably modernize aging infrastructure to improve energy efficiency and increase the deployment of lower emission energy resources. These upgrades are not just good for business; they are good for the environment," said Heath Knakmuhs, Vice President and Policy Counsel­ at the U.S. Chamber of Commerce's Global Energy Institute.

"BOMA International is proud to endorse the Small Business Energy Loan Enhancement Act and applaud the leadership of Representatives Crow and Bacon to significantly expand access to funding through the Small Business Administration," said BOMA International President and Chief Operating Officer Henry H. Chamberlain, APR, FASAE, CAE. "This legislation is a game changer for small businesses, including commercial properties, nearly doubling the funding available for critical investments that can deliver modern, smarter and more energy efficient buildings and move the needle on carbon reduction."

"The groundbreaking Small Business Energy Loan Enhancement Act will provide much-needed financial resources for commercial buildings to invest in vital renovations and retrofits that both increase operational efficiency and help the commercial real estate industry advance its sustainability objectives," added BOMA International Chair and Chief Elected Officer Mark Dukes, BOMA Fellow, CCIM, RPA, senior vice president of Asset Management at Physicians Realty Trust. "BOMA International commends Representatives Crow and Bacon for their work to expand the funding available for property professionals to move forward with necessary investments that will modernize the built environment."

"We support the Small Business Energy Loan Enhancement Act being introduced by Representatives Jason Crow and Don Bacon. The demand for the 504 program continues to reach new heights and this bill ensures that capital-intensive green energy commercial real estate projects will have access to the financing they need at this pivotal juncture for small businesses nationwide." said Rhonda Pointon, NADCO President & CEO

"B:Side Capital supports the Small Business EnergyLoan Enhancement Act introduced by Representative Jason Crow. An increase to the loan limit will allow more small businesses to access capital with the Small Business Administration's 504 Program while encouraging sustainability for our communities." said Laurel Walk, Chief Lending Officer at B:Side Capital, a Denver-Based small business lender.

See full text of the bill here.

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