SBA Loan Program for Solar Energy and Conservation Enterprises: Benefits

The SBA loan program for solar energy and conservation enterprises is comprised of several different types of loans that are designed to help your business go green. These loans are guarantied by the government-sponsored Small Business Administration and are provided only to eligible, small businesses. If you are thinking of making your small business more eco-friendly, there are some benefits to doing it with the assistance of an SBA loan program.

Flexibility of Spending

One benefit of using a loan from the SBA loan program for solar energy and conservation enterprises is that you have some flexibility regarding how you will spend the loan. There are several different loans available, including the SBA 7(a) Loan, the SBA 504 Certified Development Company (CDC) Loan, and the Pollution Control Loan that make up this specific SBA loan program. If the loan you take out is specifically designed for making your small business more environmentally sound, you will be required to use it as such but this can include a wide array of spending. Seemingly simple changes including installing energy-efficient appliances, putting in energy efficient windows and doors, and using energy-efficient light bulbs can all be done with an SBA loan. Additionally, more significant changes such as changing your company cars to hybrid vehicles, installing solar panels, increasing your building's insulation or installing devices to harness wind power are also appropriate uses of an SBA loan.

Availability of Loans to Small Businesses        

In recent years the SBA has expanded its operations and increased the number of loans that it accepts and guaranties. This is good news to small business owners all over America as accessibility to loans to help with solar energy and conservation enterprises has also increased greatly, making it easier than ever to turn your small business into an environmentally conscious one. SBA loans for environmental upgrades or changes can be awarded for as much as $4 million dollars though most are less.

Going Green with an SBA Loan: Benefits for Your Business

Going green is not only good for the environment; it is also good for your business. To qualify for a SBA 504 CDC loan, valued at up to $4 million dollars, you will need to prove that the changes you make to your small business will cut your total energy expenses by 10 percent annually. By cutting your energy expenses so significantly you could save your company thousands of dollars a year. And, in addition to saving money and helping the environment, it is always good for a small business to have a green-friendly public image. This is all possible with the help of SBA loans that are part of the program for solar energy and conservation enterprises.