Friday, March 13, 2009

SBA Offers Green Financing for Small Businesses

As a banker this piece of news caught my eye - the Small Business Administration is offering "green financing" of up to $4 million to small business owners pursuing green projects. Examples of projects include:

  • Construction and renovation projects which incorporate energy savings or use of alternative energy
  • LEED building projects

The benefits of pursuing an SBA loan include, preference to diverse business owners, longer terms (lower payments), lower rates and lower equity requirements (10% vs. 15-20%). Click here to search for an SBA office near you.

Another source of funding for small businesses with green initiatives are state programs, contact your state's development office for more information.

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