Posted on August - 23 - 2010
Tennessee launches business loan program for energy-savings projects
NASHVILLE — The state, TVA and two private lenders today launched a new $50 million low-interest loan program to help Tennessee businesses finance projects to cut energy costs.
The Energy Efficiency Loan program was unveiled at the State Capitol by Gov. Phil Bredesen, state Economic Development Commissioner Matt Kisber and executives of the Tennessee Valley Authority, Pinnacle Financial Partners and Pathway Lending.
Nashville-based Pinnacle Financial is putting $20 million into the loan fund and the state and TVA are contributing $15 million each. The state money comes from fines and settlements collected by the U.S. Department of Energy from oil companies.
Loans are available for companies of all sizes and types, at interest rates of 5 percent with terms extending up to 10 years.
Loans can finance up to the total cost of projects, including building retrofits, equipment replacements or upgrades, lighting and renewable-energy generation projects.
To qualify, a business must have an energy audit, assessment or vendor proposal with projected energy savings detailed. Pathway Lending, which is running the loan program for the state, plans to hold free informational workshops in September.
The two West Tennessee workshops are set for Sept. 21 in Memphis at Fogelman Conference Center, 330 Innovation Drive, and Sept. 22 in Jackson at the West Tennessee Agricultural Center, 605 Airways Blvd.
Businesses may apply online at pathwaylending.org, which also has more information about the program.
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