We Need You to Help Pass H.R. 6921 – Key Energy Investments Program
BOMA International and its advocacy partners are pleased to report that H.R. 6921, the Small Business Energy Loan Enhancement Act, has officially been introduced by U.S. Representatives Jason Crow (D-Colo.) and Don Bacon (R-Neb.).
The Small Business Energy Loan Enhancement Act would expand the maximum allowable amount businesses may borrow through the U.S. Small Business Administration’s 504 Certified Development Company (504/CDC) loan program.
These loans would allow for increased energy efficiency investments and upgrades - spurring innovation and sustainability efforts.
Specifically, the bipartisan legislation would expand a current program loan cap to $10 million toward energy efficiency improvements, leading to reduced energy consumption and carbon emissions. This is an excellent first step in providing meaningful assistance and incentives to reduce carbon emissions for the commercial real estate industry.
The legislation would nearly double the loan amounts available to small businesses, increasing the maximum amount from $5.5 million to $10 million. These loans provide 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.
Among the small businesses that will benefit from this legislation are commercial properties seeking to increase operational efficiency through capital-intensive investments, particularly older building stock.
Help pass H.R. 6921 today!
The average age of a commercial building in the United States is more than 50 years old. To meet the rapidly evolving needs and expectations of today's tenants, the commercial real estate industry faces a growing demand to operate more energy-efficient buildings.
However, commercial real estate companies often do not have the capital for crucial and extensive retrofit and renovation projects; the Small Business Energy Loan Enhancement Act would put the necessary funding within reach.
As this bill now moves through the legislative and committee process, support from BOMA membership is critical. We are asking that you: (1) take action through this Capitol Canary campaign link and (2) amplify the messaging of BOMA International on social media, especially Twitter and LinkedIn, and be sure to tag BOMA International.
As the year progresses, we will continue to work to provide pathways that support BOMA members in meeting their goals, from addressing job certification to encouraging meaningful utility reporting, and more. Getting to our goals may not always be easy, but we will get there.