The Small Business Administration is expanding its loan programs to support investments in clean energy and climate-friendly businesses.
It is also creating an application process for lenders to expand their loan size up to $2 million for climate-focused projects or $1 million for general projects.
SBA loans, provided through banks or other financial institutions, help entrepreneurs raise capital.
7(a) loans provide long-term financing up to $5 million for general small business investments and are offered through most banks.
Under the Biden administration, there have been 18 million small business applications.
Persons:
Isabel Guzman, Guzman, Katie Frost, —, Biden, SBA's, Michael S, Regan
Organizations:
Service, Business Administration, SBA, Business, Community, Biden, Environmental Protection Agency