On May 30th, 2024 the Biden-Harris administration announced new actions and resources to advance the Clean Energy Economy including removing the 504 loan program cap on lending for clean energy projects.

Administrator Guzman shared, “Small businesses and start-ups play a crucial role not only in innovating to develop the future of climate technology but also in adopting sustainable practices and transitioning to clean energy to help advance President Biden’s ambitious goal of net zero by 2050…the SBA is focused on ensuring small businesses have access to the capital they need to help our nation transition to a clean energy economy.”

Highlights:

• Energy public policy projects previous limit of three SBA 504 loans of $5.5 million each has been lifted. Borrowers may now secure as many 504 loans up to $5.5 million for which they otherwise qualify.
• Energy public policy projects include those that reduce energy consumption (e.g., retrofits) and renewable energy projects (e.g., adding solar), etc.