Pathway Lending is making it easier for Tennessee businesses to survive the summer heat wave and cut their cooling bills.
The Nashville-based lender announced it has chopped the interest rate to 3 percent from 5 percent for the Energy Efficiency Loan Program.
The reduced rate is available through Sept. 30. EELP loans can be used to finance projects such as energy efficient manufacturing equipment, building retrofits and renewable energy systems.
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.
East Tennessee businesses having a hard time getting loans for energy efficiency projects should attend one of Pathway Lending’s free “lunch and learn” workshops on Tennessee’s new $50 million Energy Efficiency Loan Program.
A workshop is scheduled Sept. 29 in Knoxville at Buddy’s BBQ Bearden Banquet Hall, 5806 Kingston Pike. On Sept. 30, Pathway Lending will be in theTri Cities area for a workshop at Pratt’s Real Pit Bar-B-Que, 1225 E. Stone Drive, Kingsport, Tenn.
Low-interest loans of $20,000 to $1 million are available.