New Energy Efficiency Goals Adopted by U.S. SBA
In support of the efforts of our country to reduce energy consumption, the U.S. Small Business Administration (SBA) implemented public policy goal changes affecting the SBA 504 Loan Program. Projects meeting a public policy goal are relieved from the requirement to create or retain jobs, provided the Greater Syracuse Business Development Corporation (GSBDC) portfolio average meets the required $50,000 of assistance per job created. GSBDC currently exceeds this requirement.
There are three new goals. Projects meeting one of the two energy-efficient public policy goals listed below are eligible for 504 loans up to $4,000,000.
- Reduction of energy consumption by at least 10
percent
e.g.) Improved HVAC; improved insulation or lighting; superior design or efficiency in a new or improved location
- Project generates renewable energy sources
e.g.) Renewable fuels such as the production of biodiesel or ethanol; biomass; hydropower; geothermal; solar; wind
Projects meeting the following goal are eligible for 504 loans up to $2,000,000. - Increased use of sustainable design
e.g.) Reduction of greenhouse gases; reduction of the use of non-renewable resources which minimizes environmental impact; sustainable design as defined by LEED standards by the Green Building Certification Institute and the U.S. Green Building Council
If you wish to discuss the impact these goals may have on a new project, please contact us.