Exciting news: via Melodies in Marketing, we learn that the Small Business Administration's 504 loan program, designed to aid small business owners seeking to build commercial real estate, has been expanded to provide extra incentives for such builders to construct green-friendly projects.?
The changes, which are the result of 2007's Energy Independence and Security Act, increase the ceiling for the amount of project financing guaranteed by the SBA under the 504 program to $4 million, should the project in question be demonstrably green-friendly--specifically, should it involve using energy-saving technologies to build or retrofit buildings such that energy consumption is reduced by at least 10%. Previously, the limit was either $1.5 million or, under special circumstances, $3 million.
A prospective lender is also eligible should it elsewhere in its business utilize renewable energy technologies--whether as a part of this specific project or even as a part of their own day-to-day business doings.
Finally, small businesses may apply for up to $2 million in 504 financing if their buildings utilize sustainable design techniques.