How One Group Got Funding
A hotel group with four boutique properties in South Lake Tahoe says the SBA 504 Green Loan remains one of the few financing tools available to small hospitality businesses trying to transition away from fossil fuels in the United States.
Playpark Hospitality has installed solar systems at two of its properties using the government program, which offers up to $5.5 million per project at preferential interest rates.
“This is more than just an operational upgrade,” said Mitchell Murray, CEO of Playpark Hospitality. “Today’s guests care about the impact of where they stay, and we see sustainability as a core part of hospitality going forward.”
What the Loan Does
The SBA 504 Green Loan allows small business owners to borrow at better interest rates and higher loan-to-value ratios than standard commercial loans, on the condition that the funded project either reduces energy consumption by at least 10% or generates at least 15% of the property’s energy fr
