logo
Small Business Monitor-Green Biz Loans
FILE - Brian Hoeppner, right, and Nicholas Hartnett, owner of Pure Power Solar, install a solar panel on the roof of a home in Frankfort, Ky., July 17, 2023. (AP Photo/Michael Conroy, File)

The Small Business Administration expands clean energy loan program

The Small Business Administration is looking to attract lenders to finance small businesses' clean energy projects

By MAE ANDERSON
Published - Aug 06, 2024, 10:40 AM ET
Last Updated - Aug 06, 2024, 10:40 AM EDT

NEW YORK (AP) — The Small Business Administration is looking to attract lenders to finance small businesses’ clean energy projects.

The SBA doesn't give out loans itself. Instead, it works with lenders to offer small businesses loans that often carry lower interest rates than traditional loans.

The SBA wants to bring in lenders ranging from hyperlocal microlenders to nationally oriented financial institutions. Lenders can apply to become a microlender — offering loans up to $50,000; a Certified Development Company, which is a nonprofit focused on economic development of its community; or Community Advantage Small Business Lending Company, or CA SBLC, which is a non-bank lender focused on “mission driven” projects.

New applications for CA SBLCs will be accepted soon. The SBA is increasing the cap for loans from active CA SBLCs to $500,000 from $350,000. And it is introducing an application process where the CA SBLCs can apply to offer even bigger loans -- up to $2 million to finance climate-related projects.

Our Offices
  • 10kInfo, Inc.
    13555 SE 36th St
    Bellevue, WA 98006
  • 10kInfo Data Solutions, Pvt Ltd.
    Claywork Create
    11 km, Arakere Bannerghatta Rd, Omkar Nagar, Arekere,
    Bengaluru, Karnataka 560076
4.2 12182024