Recent changes to the US Small Business Administration (SBA) 504 Loan Program have brought new attention to the opportunities available to potential borrowers. While many of these opportunities are well known throughout the debt community, one is often overlooked: the option to pursue LEED certification to qualify for an SBA 504 loan.
SBA’s 504 program offers loans with low down payments and low, fixed long-term interest rates to borrowers with projects that will deliver certain public benefits, such as job creation and a number of community development goals. But what if the project seeking funding doesn’t meet the mandatory job creation objectives? Is an SBA loan out of the question? Not necessarily. A number of recent changes to the SBA criteria, effective as of January 1, have highlighted some lesser known green public policy goals that enable borrowers to forego this requirement. A simple 3rd party LEED assessment and commitment to LEED certification now offers all potential borrowers a straightforward way to qualify for an SBA 504 energy loan without having to meet the job creation requirements.
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