Small Business Energy Loan Enhancement Act

Hozzl · 2024-03-06T08:15:24Z

Explore the details of House Bill 1491 Small Business Energy Loan Enhancement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

3/6/2024, 8:15 AM

Summary of Bill HR 1491

Bill 118 HR 1491, 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 bill outlines that small businesses can use these loans to invest in energy-efficient technologies, such as solar panels, energy-efficient lighting, and HVAC systems. By making these upgrades, small businesses can reduce their energy costs and environmental impact.

Additionally, the bill includes provisions to streamline the loan application process and provide technical assistance to help small businesses identify the most cost-effective energy efficiency solutions for their specific needs. Overall, the Small Business Energy Loan Enhancement Act aims to support small businesses in becoming more sustainable and reducing their energy consumption. This could not only benefit the environment but also help small businesses save money in the long run.

Congressional Summary of HR 1491

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.

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Current Status of Bill HR 1491

Bill HR 1491 is currently in the status of Bill Introduced since March 9, 2023. Bill HR 1491 was introduced during Congress 118 and was introduced to the House on March 9, 2023. Bill HR 1491's most recent activity was Referred to the House Committee on Small Business. as of March 9, 2023