House bill

BOMA International Approves Bipartisan House Bill Supporting Small Business Energy Retrofits

The Small Business Energy Loan Enhancement Act (HR 6921) increases the authorized cap of the Small Business Administration’s Vital Loan Program

WASHINGTON, March 7, 2022 /PRNewswire-PRWeb/ — To view this press release online, visit BOMA International Newsroom.

The Building Owners and Managers Association (BOMA) International has approved bipartisan legislation expanding the maximum allowable amount that businesses can borrow through the US Small Business Administration’s 504 Certified Development Company (504/CDC) loan program for investments. and energy-efficient upgrades. The bill, introduced by U.S. representatives Jason Raven (D-Colo.) and Don Bacon (R-Neb.), is called the Small Business Energy Loan Enhancement Act (HR 6921) and has been referred to the House Small Business Committee.

The legislation would nearly double the loan amounts available to small businesses investing in energy through the Small Business Administration’s 504/CDC loan program, increasing the maximum amount by $5.5 million for $10 million. The program provides small businesses with long-term, fixed-rate, low-cost loans that can be used to finance renovation and improvement projects, as well as the purchase of major capital assets, such as land, equipment and machinery. Among the small businesses that will benefit from this legislation are commercial properties looking to increase their operational efficiency through capital-intensive investments, particularly older building stock.

The average age of a commercial building in United States is over 50 years old. To meet the rapidly changing needs and expectations of today’s tenants, the commercial real estate industry is facing a growing demand to operate more energy-efficient and technologically-enhanced buildings. However, commercial real estate companies often lack the capital for critical and extensive remodeling and remodeling projects, many of which exceed the current 504/CDC loan cap of $5.5 million. The Small Business Energy Loan Enhancement Act would put the necessary financing at your fingertips.

“BOMA International is proud to support the Small Business Energy Loan Enhancement Act and applauds the leadership of Representatives Crow and Bacon in significantly expanding access to financing through the Small Business Administration,” said the President and CEO. operation of BOMA International. Henry H. Chamberlain, APR, FASAE, CAE. “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, more energy-efficient buildings and advance carbon reductions. “

“The groundbreaking Small Business Energy Loan Enhancement Act will provide much-needed financial resources for commercial buildings to invest in essential renovations and improvements that both increase operational efficiency and help the commercial real estate industry achieve its sustainability goals. sustainable development,” added the President and Chief Executive Officer of BOMA International Marc Dukes, Fellow BOMA, CCIM, RPA, Senior Vice President of Asset Management at Physicians Realty Trust. “BOMA International commends Representatives Crow and Bacon for their work to increase the funding available to real estate professionals to move forward with the necessary investments that will modernize the built environment.”

BOMA International has a long history as a commercial real estate leader at the intersection of business interests and environmental policies, and continues to lead the way in developing strategies that proactively respond to favorable considerations. to businesses, such as high performance construction best practices, energy efficiency and carbon reduction. The Small Business Energy Loan Enhancement Act will allow the commercial real estate industry to make the necessary upgrades to address these key considerations.

BOMA International looks forward to working with Representatives Crow and Bacon and members of the 117th Congress to advance this legislation.

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About BOMA International
Founded in 1907, the Building Owners and Managers Association (BOMA) International is a federation of local U.S. associations and global affiliates. The leading trade association for commercial real estate professionals for over 100 years, it represents owners, managers, service providers and other real estate professionals of all types of commercial buildings, including office, industrial, medical , corporate and mixed use. BOMA International is the partner individuals in the commercial real estate industry choose to maximize the value of their careers, organizations and assets. Its mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge. Learn more about http://www.boma.org.

Media Contact

Courtney McKayBOMA International, (202) 326-6300, [email protected]

SOURCEBOMA International