Applying for the SBA Loan Program for Solar Energy and Conservation Enterprises Online

An SBA loan for solar energy and conservation enterprises can come in the form of one of several types of loans guaranteed by the Small Business Administration (SBA) and provided by a third party non-governmental provider. These specific types of loans include the SBA 7(a) Loan, the SBA 504 Certified Development Company (CDC) Loan, and the Pollution Control Loan; all of these are designed to help you make your small business more environmentally sound and conserve resources thereby saving you money. To apply for a loan that is part of the loan program for solar energy and conservation enterprises you can start by looking online.

Third-Party Lenders

An increasing number of banks in America are becoming eligible lenders for SBA guarantied loans. You should start your search for an SBA loan by talking to different banks and finding out if they are eligible lenders. You can do this by browsing their websites. Though it might seem strange, when you obtain an SBA loan, you are actually obtaining a loan from a third-party lender; this loan is guarantied by the SBA thus putting much less risk on the lender which in turn provides greater incentive for the lender to continue providing loans. These banks can tell you which SBA loans they work with and which of these you can use for solar energy and conservation enterprises for your small business.

Required Information for the SBA

The SBA requires that every applicant provide some basic as well as detailed information about their small business and how they want to use the loan money. Most banks that provide SBA guarantied loans have similar requirements and the SBA is flexible in the format of this information. Your proposal for requesting the loan should begin with a cover letter that outlines the basic information of your business and the details regarding the loan you are requesting including how much you want, how you will use the funds, and how you will repay the loan. The SBA also requires all applicants to provide a recent personal financial statement as well as a recent financial statement for the business and a copy of your personal income tax return from the previous year. Additional forms will provide more detailed information regarding your plans for your small business and how an SBA loan that focuses on environmental conservation will help you. The third-party provider will be able to give you all of the SBA forms that are necessary.   

Things to Consider

To apply for an SBA loan online that will help you make your business conserve energy and become more energy efficient, the best place to start is by talking to different banks that serve as lenders. These banks can guide you through the online application process for the SBA and help you secure an SBA loan to make your business greener and your pockets fuller with savings.