State officials hope a new $50 million Energy Efficiency Loan Program launched today will help companies cut costs and become more competitive by financing investments in energy efficient technology, energy retrofits and renewable energy systems.
"Controlling energy costs is a key business strategy for all Tennessee companies," said Commissioner Kisber of the Tennessee Department of Economic and Community Development in a press release. "Helping those companies operate 'leaner' and 'greener' may help some businesses considering these types of investments to move forward."
The Energy Efficiency Loan Program is available to any business seeking to reduce energy consumption in their Tennessee facilities through building retrofits and upgrades, equipment replacement purchases or other energy efficiency or renewable energy projects.
Businesses may apply online at www.pathwaylending.org with first round applications due by November 1, 2010.
"Controlling energy costs is a key business strategy for all Tennessee companies," said Commissioner Kisber of the Tennessee Department of Economic and Community Development in a press release. "Helping those companies operate 'leaner' and 'greener' may help some businesses considering these types of investments to move forward."
The Energy Efficiency Loan Program is available to any business seeking to reduce energy consumption in their Tennessee facilities through building retrofits and upgrades, equipment replacement purchases or other energy efficiency or renewable energy projects.
Businesses may apply online at www.pathwaylending.org with first round applications due by November 1, 2010.
Pathway Lending, the program administrator, plans to offer below-market
rate loans at 5 percent with terms extending to 10 years. Loans can
finance up to 100 percent of costs on projects including building
retrofits, equipment replacements or upgrades, lighting and renewable
generation projects. The loans can be repaid with the energy costs
savings derived from each project.
To be eligible for a loan, a business must have a complete an energy audit, assessment or vendor proposal with detailed project energy savings.
The program is the result of a collaborative effort between the state of Tennessee, the U.S. Department of Energy, the U.S. Economic Development Administration, Pathway Lending, Pinnacle Financial Partners and the Tennessee Valley Authority.
More information is available at www.pathwaylending.org or call (615) 425-7171.
To be eligible for a loan, a business must have a complete an energy audit, assessment or vendor proposal with detailed project energy savings.
The program is the result of a collaborative effort between the state of Tennessee, the U.S. Department of Energy, the U.S. Economic Development Administration, Pathway Lending, Pinnacle Financial Partners and the Tennessee Valley Authority.
More information is available at www.pathwaylending.org or call (615) 425-7171.
