Pathway Lending announced on Wednesday it has lowered the interest rate of the Tennessee Energy Efficiency Loan Program to two percent in order to make the program even more beneficial and accessible to Tennessee businesses.
The new interest rate is available on five-year loans to businesses that undertake energy projects that include energy-saving measures. Standalone renewable energy projects are eligible to receive ten-year loans at five percent interest. Originally, all loans were offered with an interest rate of five percent.
The program is available to any business seeking to reduce energy consumption of its Tennessee facilities through efficiency-improving projects or renewable energy production. To complement the rate reduction, the loan application process has been streamlined and approval times reduced.
The program was launched in 2010 to help Tennessee companies finance investments in energy efficient technology, energy-saving building retrofits and renewable energy systems, which reduce energy costs, operating expenses and greenhouse gases while spurring job growth. As the first program of its kind in the nation, it gives Tennessee businesses an advantage by providing the resources needed to make real and lasting energy efficiency improvements. The state of Tennessee, Tennessee Valley Authority, Pinnacle Bank and Pathway Lending have each contributed funding to the program.
“Since its launch, the program has provided nearly $10 million in funding to more than 50 businesses across the state,” said Clint Gwin, president of Pathway Lending. “These funds have helped businesses install high-efficiency lighting, purchase energy efficient equipment, upgrade HVACs and produce renewable energy. Each lowers energy costs and makes those businesses more competitive.”
Pathway’s announcement was relayed to various members of the environmental community by Tennessee Department of Environment and Conservation (TDEC) Commissioner Bob Martineau during the Tennessee Environmental Conference, held in Kingsport, Tn. this week.
“The Tennessee Energy Efficiency Loan Program provides businesses in our state a unique advantage and a tremendous opportunity to become more competitive now and for decades to come,” said Mr. Martineau. “The financial impact of energy efficiency is often underestimated, even by business owners. These loans and the technical assistance provided with them make realizing those benefits as easy as possible.”
To learn more about the Tennessee Energy Efficiency Loan Program, please visit www.pathwaylending.org or call 615 425-7171.