Small Business Finance News
Some Clean Energy Startups Struggling To Get Enough Funding
Written by Jenna Weiner
Published: 6/23/2010
Clean energy companies offer enormous growth potential. But they also need more investment to move their ideas off the drawing board.
The fact that financing is a major obstacle for a startup company is not news for entrepreneurs. But the Chicago Tribune reports that small businesses looking to get their start in clean energy have an even bigger funding mountain to climb.
While many traditional companies only require a few thousand dollars to get started, companies with new designs for renewable energy products may need millions to bring their business ideas to life, according to the paper.
The owners of the Illinois company Tempest Wind Energy told the paper that their compact wind turbine design has received interest around the world, but they can't get enough money to build it.
"To put up a prototype, we need money and we've run out of it," Elizabeth Iwanicki told the paper. "We know we will get the orders."
Lawmakers are continuing to continue federal assistance given to companies investing in clean energy. A group of six U.S. senators recently introduced a bill that calls on oil businesses to fund cash grants given to companies making progress in renewable energy.
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