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Tuesday, February 19 , 2019, 1:26 am | Fair 47º

 
 
 
 

Capps Introduces Legislation to Help Green Businesses

The bill would direct the SBA to create a loan program aimed at expanding jobs

Rep. Lois Capps, D-Santa Barbara, announced Tuesday the introduction of legislation that will help clean energy companies access the capital that they need to grow and hire.

With Rep. Doris Matsui, D-Calif., and 15 other original co-sponsors, Capps introduced the Small Business Clean Energy Financing Act (House Resolution 6212), which would direct the Small Business Administration to create a clean energy loan program within its 7(a) loan program to give the agency more flexibility to use existing funding to award loans to clean energy companies.

“The creation of a new green business loan program within SBA would provide a much-needed boost to our economy by increasing access to capital for clean energy technology businesses,” Capps said. “I have seen firsthand how the green businesses on the Central and South coasts are ready to grow and hire if they just have the resources. The federal government can continue to be an effective partner in jump-starting the green economy, and this legislation is a great example of how we can help.”

The SBA provided about $630 million in 7(a) loans to clean energy companies from 2006 to 2009, although the agency averages $13 billion annually for the 7(a) program. The creation of a clean energy loan program in the 7(a) loan program would make it easier for small clean energy companies to access capital.

The Small Business Clean Energy Financing Act builds on other legislation that Capps supports to assist small businesses, including the Small Business Jobs Act that President Barack Obama signed into law Monday.

This new law provides $12 billion in tax cuts for small businesses, more than doubles the maximum loan size for several existing SBA loan programs, and creates a new $30 billion small-business lending fund that will provide incentives to community banks to increase lending to local small businesses.

— Ashley Schapitl is the press secretary for Rep. Lois Capps, D-Santa Barbara.

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