Clean Energy Loan Program for New Green Lenders to Help Small Business Meet Climate Goals
Biden-Harris Administration Opens SBA Loan Programs to attract a new generation of Green Lenders in SBA’s loan programs. The initiative will employ SBA loan guarantees to help small businesses meet climate goals.
In its quest to attract new green lenders, Biden-Harris Administration Opens SBA Loan Programs to New Green Lenders to Help Small Businesses Meet Climate Goals. SBA is seeking partnerships from various financial actors, ranging from highly localized micro-lending institutions to national financial establishments. These lenders are given an opportunity to apply in various categories.
These include becoming a micro-lender, providing loans of up to $50,000; becoming a Certified Development Company, a non-profit entity focused on advancing the economic development of its region; or ascending to the role of a Community Advantage Small Business Lending Company, also known as CA SBLC. A CA SBLC is a non-bank lender with an emphasis on financing “mission driven” projects.
The SBA does not directly provide the loans but collaboratively works with various lenders to offer small business loans, which typically have lower interest rates compared to conventional loans.
We do news. We don’t do cookies.
Our website does not collect, store, or share any user data. If you enjoy our content and value your privacy, consider supporting us.
At Sovereign Magazine, we prioritize your privacy and are dedicated to protecting your personal data. The internet is increasingly only benefiting a select a few at the expense of all other users and we believe this system is fundamentally unfair.
As an independent publisher, we firmly reject participation in these practices and we have chosen to stand against it.
We do not collect, store, or share any user data. We have eliminated all third-party services that do, including advertising and traditional analytics platforms. Our decision to forgo ad revenue reflects our commitment to safeguarding your privacy and maintaining a secure online environment for our users.
As an independent publisher, we firmly reject participation in these practices and we have chosen to stand against it.
We do not collect, store, or share any user data. We have eliminated all third-party services that do, including advertising and traditional analytics platforms. Our decision to forgo ad revenue reflects our commitment to safeguarding your privacy and maintaining a secure online environment for our users.
Our Practices in Detail
Your privacy is important to us, and we appreciate your support in maintaining an ad-free and data-protected environment.
Ways to support
You can help by sharing stories you read on our site or by buying us a coffee. Your support enables us to continue providing quality content without compromising on privacy.
Support with a donation
The SBA is currently finalizing the application process for prospective CA SBLCs, with a plan to increase the existing loan cap of $350,000 to $500,000 for active CA SBLCs. CA SBLCs will also have the capability to apply for larger loans, with amounts up to $2 million earmarked for climate-related initiatives.
“Small businesses and homes represent more than one-third of U.S. emissions, emphasizing the critical role they play in the overall solution” noted SBA Administrator Isabel Guzman. Through this initiative, SBA aims at empowering more climate-focused lenders to leverage the SBA federal loan guarantee programs in support of the ongoing transition to clean energy.
Do you want to share your professional opinion and inspire our readers ? YOUR EXPERTISE could be paving the way for a fairer society and progress.
