SOURCE: Pathway Lending

Pathway Lending

November 23, 2010 10:36 ET

Energy Efficiency Loan Program Receives $25 Million in Requests; Second Application Round Announced

Unique Tennessee Fund Receives Strong Response as Companies Look to Save Money, Increase Competitiveness

NASHVILLE, TN--(Marketwire - November 23, 2010) - Pathway Lending announced today it received more than $25 million in applications from Tennessee businesses to its Energy Efficiency Loan Program. In August, the $50 million program was launched to help Tennessee companies finance investments in energy efficient technology, energy retrofits and renewable energy systems to reduce operating costs and spur growth.

The first application round closed November 1 and Pathway Lending will open a second round January 4, 2011. The second round will remain open until all loan funds are committed to qualified applicants on a first come, first serve basis.

The Energy Efficiency Loan Program is a collaborative effort between the state of Tennessee, the Tennessee Valley Authority, Pinnacle Financial partners, the U.S. Department of Energy, the U.S. Economic Development Administration and Pathway Lending.

Through the program, Pathway Lending offers loans at below-market rates, 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. The loans are designed to be repaid with the energy costs savings derived from each project.

"The strong demand for the program demonstrates that businesses are anxious to implement energy efficiency savings which can lower their operating costs and help improve productivity," said Clint Gwin, president of Pathway Lending. "Our goal is to provide access to this type of financing so that Tennessee businesses become more competitive and are able to create jobs for Tennesseans."

The Energy Efficiency Loan Program is available to any business seeking to reduce energy consumption in its Tennessee facilities through a range of efficiency-improving projects. To be eligible for a loan, a business must have a complete third-party energy audit, assessment, or vendor proposal with detailed project energy savings. Loan amounts are determined by project cost while the loan term and monthly payment amounts are derived from the energy savings and applicant's ability to repay.

To learn more about the Energy Efficiency Loan Program, please visit www.pathwaylending.org or call (615) 425-7171.

About Pathway Lending
Based in Nashville, Pathway Lending is a Community Development Financial Institution (CDFI) as certified by the U.S. Department of the Treasury. Founded in 1999, Pathway Lending provides loans to businesses lacking access to traditional financing options throughout Tennessee. In the ten years since its inception, Pathway Lending has made more than 400 loans to 300 plus companies totaling more than $40 million. Pathway Lending loans have facilitated the creation of more than 1,500 new full-time jobs with average wages of $15.48 per hour while maintaining or retaining more than 3,200 jobs. Pathway Lending is headquartered in Nashville and currently has offices in Knoxville, Tri-Cities, and Jackson. For more information, visit www.pathwaylending.org.