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Small Business Energy Loan Enhancement Act

12/29/2022, 9:48 PM

Summary of Bill HR 6921

Bill 117 hr 6921, also known as the Small Business Energy Loan Enhancement Act, aims to provide support for small businesses looking to improve their energy efficiency. The bill proposes to enhance the existing Small Business Administration (SBA) loan program by allowing small businesses to access loans specifically for energy efficiency upgrades.

The main goal of this bill is to help small businesses reduce their energy costs and environmental impact by making it easier for them to invest in energy-efficient technologies. By providing access to low-interest loans for energy efficiency projects, small businesses can save money on their energy bills and contribute to a more sustainable future.

The Small Business Energy Loan Enhancement Act has received bipartisan support in Congress, with lawmakers recognizing the importance of supporting small businesses in their efforts to become more energy efficient. The bill is seen as a win-win for both small businesses and the environment, as it helps businesses save money while also reducing their carbon footprint. Overall, the Small Business Energy Loan Enhancement Act is a positive step towards promoting energy efficiency among small businesses in the United States. By providing financial support for energy efficiency projects, this bill has the potential to benefit both small businesses and the environment in the long run.

Congressional Summary of HR 6921

Small Business Energy Loan Enhancement Act

This bill increases from $5.5 million to $10 million the maximum amount of certain Small Business Administration loans for plant acquisition, construction, conversion, and expansion. Projects eligible for these increased loan amounts must (1) reduce the borrower's energy consumption by at least 10%; or (2) generate renewable energy or renewable fuels, such as biodiesel or ethanol production.

Current Status of Bill HR 6921

Bill HR 6921 is currently in the status of Bill Introduced since March 3, 2022. Bill HR 6921 was introduced during Congress 117 and was introduced to the House on March 3, 2022.  Bill HR 6921's most recent activity was Referred to the House Committee on Small Business. as of March 3, 2022

Bipartisan Support of Bill HR 6921

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
18
Democrat Cosponsors
14
Republican Cosponsors
4
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6921

Primary Policy Focus

Commerce

Alternate Title(s) of Bill HR 6921

Small Business Energy Loan Enhancement Act
Small Business Energy Loan Enhancement Act
To amend the Small Business Investment Act of 1958 to increase the maximum loan amount for certain loans.

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