SOURCE: Pathway Lending

Pathway Lending

January 04, 2011 12:39 ET

Pathway Lending Announces Re-Opening of Application Period for Energy Efficiency Loan Program

Unique Tennessee Program Makes Funds Available to Help Companies Save Money, Increase Competitiveness; $25 Million in Requests Received in 2010

NASHVILLE, TN--(Marketwire - January 4, 2011) - Pathway Lending announced today it is once again accepting applications from Tennessee businesses for its Energy Efficiency Loan Program. The $50 million program was launched in August 2010 to help Tennessee companies finance investments in energy efficient technology, energy retrofits and renewable energy systems in order to reduce energy costs, operating expenses, greenhouse gases and spur growth. 

The second round starts January 4, 2011 and will remain open until all funds from the Energy Efficiency Loan Program are committed to qualified applicants on a first come, first serve basis. Pathway Lending received more than $25 million in requests from Tennessee businesses during the first 90-day application round, which closed on November 1st 2010. 

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.

"Companies of all sizes and in different industries from across the state took advantage of the program as soon as it was launched. These companies have been able to implement energy efficiency savings which are now lowering their operating costs," said Clint Gwin, President of Pathway Lending. "Our goal is to provide as many loans as quickly as possible to Tennessee businesses so they can reap the benefit of energy savings and continue providing jobs for Tennesseans."

Through the energy efficiency program, Pathway Lending offers below-market rate loans, with terms extending up 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 Energy Efficiency Loan Program is available to any business seeking to reduce energy consumption in its Tennessee facilities through 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. These energy savings determine the amount and term of the loan and the applicant's ability to repay the loan with those savings. 

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.