Tennessee businesses will get another chance to apply for low-interest loans through the Energy Efficiency Loan Program.
Pathway Lending announced that a second round of applications will be opened on Jan. 4. Applications will be taken on a first come first served basis until all of the loan funds are committed.
The first round of applications closed on Nov. 1 with more than half of the available $50 million in loan funds committed.
The program was launched in August by a partnership that includes 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.
The program was created to help Tennessee businesses pay for energy efficient technology, energy retrofits and renewable energy systems.
“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,” Pathway Lending President Clint Gwin said in a press release. “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.”
Nashville-based Pathway Lending has offices in Knoxville, Tri-Cities and Jackson.
Given the current tight lending environment, it shouldn’t take long for the energy loan fund to run out of money when the new round of applications opens.