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Posted: October 9, 2009
Finding the green to go green: Funding to support initiatives
Green building initiatives are "in" right now. The question for business owners is where to find the capital to support such initiatives, which are often expensive in the short term, although they return the investment and more in the long term.
The SBA 504 loan program is one capital project financing tool which recognizes the importance of green. Higher loan limits are available for LEEDs or green building council certified projects, for projects which will result in 10% reduction in energy usage and for projects using significant renewable energy sources.
SBA 504 is a 10% down, long term, low fixed rate second mortgage loan which combines with conventional first lien financing to make green building projects affordable for commercial projects.
Roslyn Goldmacher is the president and CEO of the Long Island Development Corp. (LIDC) and the Greater New York Development Co. (GNYDC), Bethpage, N.Y.
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