The Building Owners and Managers Association (BOMA) International has endorsed the Small Business Energy Loan Enhancement Act, a bipartisan legislation introduced by U.S. Representatives Jason Crow and Don Bacon, which seeks to expand the maximum allowable amount businesses may borrow through the U.S. Small Business Administration's 504 Certified Development Company (504/CDC) loan program for energy efficient investments and upgrades. The bill aims to increase the maximum amount from $5.5 million to $10 million, nearly doubling the loan amounts available to small businesses making energy investments.

 

BOMA International President and Chief Operating Officer Henry H. Chamberlain expressed his support for the Small Business Energy Loan Enhancement Act, stating that "this legislation is a game changer for small businesses, including commercial properties, nearly doubling the funding available for critical investments that can deliver modern, smarter and more energy efficient buildings and move the needle on carbon reduction."

The program provides small businesses with long-term, fixed-rate, low-cost loans that can be used to finance renovation and retrofit projects, as well as the purchase of major fixed assets, such as land, equipment, and machinery. According to the BOMA, the legislation would benefit commercial properties seeking to increase operational efficiency through capital-intensive investments, particularly older building stock, which make up the majority of commercial buildings in the United States. The average age of a commercial building in the country is more than 50 years old, and the commercial real estate industry is facing a growing demand to operate more energy-efficient and technologically enhanced buildings.
https://www.prweb.com/releases/boma_international_endorses_bipartisan_house_bill_supporting_small_business_energy_efficient_improvements/prweb19216810.htm