WASHINGTON – Rising energy costs have hit
small businesses especially hard over the past few years, impacting
their daily operations and forcing many to alter their business
models. To help small businesses cope with climbing energy prices,
the House Small Business Committee approved legislation, H.R.
2389, The Small Energy Efficient Business Act (SEEBA), to provide
loans, education, and investment to small firms.
“Small businesses nationwide are struggling
as energy becomes increasingly expensive,” said Chairwoman
Nydia M. Velázquez. “It is clear that swift action
is needed to help firms deal with the record gas and energy prices.
One way to do this is ensuring entrepreneurs are educated and
aware of the assistance available to them, as well as helping
them to remain the top producers of alternative sources of energy.”
Addressing these challenges, the committee approved
legislation today that modifies existing Small Business Administration
(SBA) programs to better assist small companies with adapting
to today’s changing energy environment. The Small Energy
Efficient Business Act, introduced by Congressman Heath Shuler,
gives small firms that are acquiring or developing energy efficient
technologies more flexible loan terms. SEEBA requires SBA to develop
a strategy for educating small firms about energy efficiency,
and establishes an energy efficiency program for the Small Business
Development Centers (SBDCs). The bill spurs investment in the
production of alternative sources, such as biofuels, and the development
of energy efficient technology by expanding the Small Business
Investment Corporation (SBIC), increasing investment in small
producers. Also included is the creation of the Renewable Fuel
Capital Investment (RFCI) program, an initiative designed to help
small firms develop renewable energy sources and new technologies.
These measures benefit consumer and producers, reducing costs
and increasing competition in the market for energy efficient
goods and services.
“Small businesses are the first to be affected
by rising energy prices and small businesses will be the first
to find the solutions,” said Congressman Heath Shuler, chairman
of Subcommittee on Rural and Urban Entrepreneurship. “This
bill gives them the tools they need to lead our nation to energy
efficiency and independence.”
SEEBA will make new energy efficient technology
more affordable and accessible. As consumption grows an anticipated
one percent annually over the next 25 years, costs for traditional
energy sources will continue to increase. This bill will provide
technical assistance to help small business owners implement strategies
to mitigate energy costs. It also launches a comprehensive plan
to disseminate energy efficiency information through programs
that are already positioned around the country. SEEBA will not
only help small businesses cope with rising costs, but will also
increase investment in small firms that are developing renewable
energy solutions, recognizing the leadership of entrepreneurs
in the alternative energy sector. This bill provides both business
development resources and injections of capital that will contribute
to creating the next generation of technologies. SEEBA is essential
to helping small firms cope with rising energy costs, reducing
the nation’s dependence on foreign oil.
“Small businesses have proven themselves
to be flexible and nimble, adapting to changing to market conditions.”
said Chairwoman Velázquez. “The legislation approved
today gives entrepreneurs the tools to implement energy efficient
strategies and develop renewable energy technologies.”
H.R. 2389 has garnered support from a wide array
of small business organizations, including the Independent Electrical
Contractors, Air Conditioning Contractors of America, the National
Roofing Contractors Association, the Plumbing-Heating-Cooling
Contractors Association, the National Small Business Association,
and Small Business Majority.
