Current:Home > InvestThe Small Business Administration expands clean energy loan program-DB Wealth Institute B2 Expert Reviews
The Small Business Administration expands clean energy loan program
View Date:2024-12-23 20:41:38
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.
“Small businesses and homes account for more than one-third of U.S. emissions, so it is vital that they are part of the solution” said SBA Administrator Isabel Guzman. The new initiative will help more mission-driven climate lenders leverage the SBA federal loan guarantee programs to fund the clean energy transition, she added.
veryGood! (18369)
Related
- The Fate of Hoda Kotb and Jenna Bush Hager's Today Fourth Hour Revealed
- Formula One champion Lewis Hamilton leaves Mercedes to join Ferrari in surprise team switch
- Apple Vision Pro debuts Friday. Here's what you need to know.
- Caitlin Clark is the face of women’s basketball. Will she be on the 2024 Olympic team?
- MLS Star Marco Angulo Dead at 22 One Month After Car Crash
- Formula One champion Lewis Hamilton leaves Mercedes to join Ferrari in surprise team switch
- How accurate are Punxsutawney Phil's Groundhog Day predictions?
- Allegiant Stadium’s roll-out field, space station look to be center stage during Super Bowl in Vegas
- A herniated disc is painful, debilitating. How to get relief.
- Carl Weathers, actor who starred in Rocky and Predator, dies at age 76
Ranking
- Wisconsin authorities believe kayaker staged his disappearance and fled to Europe
- Federal authorities investigate suspected arson at offices of 3 conservative groups in Minnesota
- Hulu to enforce new restrictions on widespread subscription sharing
- Target pulls Black History Month product after video points out misidentified icons
- Giuliani’s lawyers after $148M defamation judgment seek to withdraw from his case
- 2024 NBA All-Star reserves announced: Who's going to Indianapolis? Who was snubbed?
- USAID Administrator Samantha Power weighs in on Israel's allegations about UNRWA — The Takeout
- Why Joseph Goffman’s Senate Confirmation Could Be a Win for Climate Action and Equity
Recommendation
-
Trump on Day 1: Begin deportation push, pardon Jan. 6 rioters and make his criminal cases vanish
-
Tesla recalls over 2 million vehicles in US due to font size issue with warning lights
-
Carl Weathers, action star of 'Rocky' movies, 'Predator' and 'The Mandalorian,' dies at 76
-
What Jersey Shore's Snooki Would Change About the Infamous Letter to Sammi Today
-
Black and Latino families displaced from Palm Springs neighborhood reach $27M tentative settlement
-
This week on Sunday Morning (February 4)
-
Boston-area teachers reach tentative contract agreement after 11-day strike
-
A Trump-era tax law could get an overhaul. Millions could get a bigger tax refund this year as a result.