It can be hard to support environmentally friendly projects without the proper resources. The Small Business Administration has a solution that can add on to the existing SBA 504 loan program, making it easier to secure as much as $5.5 million for green initiatives. This could be the incentive your business needs to finally commit to a beneficial program.
Green business is good business
It might seem like environmental concerns and commerce are at odds, but the truth is they are fully connected. Within the business, finding ways to save energy or invest in sustainability can ultimately save money.
Another extremely important factor is the impact of green business on consumers. Don't underestimate the value of good support from your customer base after implementing some sort of environmental plan, since this can be a real part of meeting the increasing demand for climate-friendly and sustainable initiatives from businesses. Earning government certifications can also put some weight behind efforts to stay conscious, and that's where the Energy Efficiency Loan can also help.
"Earning government certifications can put some weight behind efforts to stay conscious."
A 2015 Nielsen global survey confirmed this, showing the distinct financial reasons to embrace green principles, an appealing proposition for both millennial buyers and those even younger.
This survey, which polled 30,000 people around the world, found that 66 percent of subjects would pay more if the company they were buying from was "committed to positive social and environmental impact." That means there's possible growth to be had if businesses take clear action.
The road to better sustainability
Creating these projects and getting them going takes several steps, and should involve considerable preparation from the outset. The funding itself can only come after your business weighs its options, tracks the initiative's development and sets up tests and checks to make sure the project performs well after it starts.
With sufficient monitoring beforehand, you may be finally ready to choose the funding you need for your project.
Why you should use the 504 Green Loan
The 504 Green Loan Program can go beyond the boundaries of the original 504, with specific benefits that have wide-ranging applications. Some of the advantages of this program are:
- More loans: Your business can finance more than one green project through this program, adding to the financial resources you have at your disposal from the original 504 offering.
- Stable interest rates: There's less concern about surprising fees and other issues with this funding program. Using fixed interest rates, as much as 90 percent of the green loan program's fees can go without changing interest.
- Unlimited projects: Not only can green financing apply to multiple projects, but the SBA also doesn't set any specific limits for an eligible business. This one program can support further initiatives along the same lines.
Contact Growth Capital and start moving toward more green initiatives today.