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Green Loans Aid Eco-Minded Entrepreneurs
As we move closer to a green economy, entrepreneurs hope to lead the way -- and the availability of financial incentives makes it just that much easier. You just have to know where to look.
Posted 12/ 3 09 at 10:21 PM | Money, Starting a Business, Environmental Services
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As we move closer to a green economy, entrepreneurs hope to lead the way -- and the availability of financial incentives makes it just that much easier. There's money to be had, whether you want to adopt sustainable business practices, sell an all-natural product, help businesses and consumers get "greenified," boost your company's own energy efficiency, innovate in the solar sector or create green-collar jobs. You just have to know where to look.So if money (or lack thereof) is what's holding you back, check out the following sources of cash. The following loan programs -- mostly regional, some national -- can help forward-thinking, eco-minded entrepreneurs take another step toward achieving their grand green ambitions.
Georgia Green Loan: Entrepreneurs running or starting eco-friendly, sustainable businesses -- and even those hoping to build green practices into an existing company -- can apply for up to $35,000 from the Georgia Green Loan program. Founded in 2008 by nonprofit lender Appalachian Community Enterprises Inc., the fund has already assisted a handful of small businesses, including a health food store, an organic diaper business and an architecture/interior design firm. If you're in the state of Georgia, you can apply here.
Green Business Loan Fund: The Initiative Foundation, a nonprofit that works to reduce poverty and invest in the communities where it operates, offers a variety of loans to businesses in central Minnesota. One of those is the Green Business Loan Fund, which invests $50,000 to $250,000 in profitable companies that are environmentally responsible in both mission and business operations, and that offer green-collar job opportunities which pay a living wage with benefits. For information on eligibility requirements and how to apply, visit http://www.ifound.org/business_greenloan.php.
North Carolina Green Business Fund: Small businesses based in North Carolina with 100 or fewer employees can apply for a North Carolina Green Business Fund. The grant of $100,000 or less targets entrepreneurs innovating in the following areas: biofuels, green building, clean technology and renewable energy. Fourteen entrepreneurial companies won grants in 2009; applications for 2010 will be accepted starting in mid- to late November.
SBA 504 Loan Program: The SBA now offers incentives for small businesses that want to go green. Up to $4 million is available to entrepreneurs committed to lowering their energy costs by 10 percent or pursuing construction projects that generate renewable energy for their business. Business owners interested in retrofitting their building using sustainable design approaches can qualify for up to $2 million. For more information and to see if your business qualifies, go here.
Whole Foods Market: In 2006, Whole Foods Market announced its Local Producer Loan Program to support community businesses and bring organic, "animal compassionate" products to customers. Since then, food artisans, family farms, beekeepers, dairies and other sustainable businesses in the U.S., Canada and the UK have benefited from the low-interest loans, which range from $1,000 to $100,000. For details on how to submit an application (qualified applicants must live within a short driving distance to a Whole Foods location), click here.
Green Business Loan Fund: The Initiative Foundation, a nonprofit that works to reduce poverty and invest in the communities where it operates, offers a variety of loans to businesses in central Minnesota. One of those is the Green Business Loan Fund, which invests $50,000 to $250,000 in profitable companies that are environmentally responsible in both mission and business operations, and that offer green-collar job opportunities which pay a living wage with benefits. For information on eligibility requirements and how to apply, visit http://www.ifound.org/business_greenloan.php.
North Carolina Green Business Fund: Small businesses based in North Carolina with 100 or fewer employees can apply for a North Carolina Green Business Fund. The grant of $100,000 or less targets entrepreneurs innovating in the following areas: biofuels, green building, clean technology and renewable energy. Fourteen entrepreneurial companies won grants in 2009; applications for 2010 will be accepted starting in mid- to late November.
SBA 504 Loan Program: The SBA now offers incentives for small businesses that want to go green. Up to $4 million is available to entrepreneurs committed to lowering their energy costs by 10 percent or pursuing construction projects that generate renewable energy for their business. Business owners interested in retrofitting their building using sustainable design approaches can qualify for up to $2 million. For more information and to see if your business qualifies, go here.
Whole Foods Market: In 2006, Whole Foods Market announced its Local Producer Loan Program to support community businesses and bring organic, "animal compassionate" products to customers. Since then, food artisans, family farms, beekeepers, dairies and other sustainable businesses in the U.S., Canada and the UK have benefited from the low-interest loans, which range from $1,000 to $100,000. For details on how to submit an application (qualified applicants must live within a short driving distance to a Whole Foods location), click here.
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