WASHINGTON — Reps. Don Bacon (R-NE-02) and Jason Crow (D-CO-06) have introduced bipartisan legislation to help small business owners save money by increasing the federal loan amount available for energy efficiency investments. The Small Business Energy Loan Enhancement Act would help business owners looking to make energy efficient upgrades by expanding the maximum allowable cap on SBA 504 loans from $5.5 million to $10 million. 

Energy costs are one of the largest expenses for commercial buildings, accounting for nearly 40% of total energy consumption in the U.S. However, small businesses often do not have the cash-on-hand to finance large renovations or retrofit projects, and these projects often exceed the U.S. Small Business Administration’s (SBA) current 504 loan cap. 

“Building businesses of the future means investing in our small businesses today. Rep. Crow and I are reintroducing the Small Business Energy Loan Enhancement Act which will empower small businesses to lower costs and improve their buildings' operational efficiency,”said Rep. Bacon. “By expanding access to capital for energy-focused investments, this legislation allows small business to freely invest in much needed infrastructure improvements, making business more profitable and sustainable.” 

Small businesses help create millions of jobs and contribute greatly to our economy. It’s critical that we support small businesses in Colorado and across the country,” said Rep. Crow. “I’m introducing bipartisan legislation to help small businesses save money and be better able to make critical improvements that will help to conserve energy and protect our environment.” 

The Small Business Energy Loan Enhancement Act is endorsed by Building Owners and Managers Association (BOMA) International. 

"The Small Business Energy Loan Enhancement Act will make a significant difference across the country, allowing properties to make the necessary investments to reduce energy consumption and bring down energy costs," said Manuel Moreno, Chair and Chief Elected Officer of the Building Owners and Managers Association (BOMA) 

International, the professional association representing the commercial real estate sector. "BOMA International is proud to support this bipartisan legislation, and we commend Representatives Crow and Bacon for their leadership on this issue.” 

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