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.
Pathway Lending’s work to get capital in the hands of Tennessee’s small business has won international recognition.
The Tennessee Rural Opportunity Fund managed by Pathway earlier this week received an Excellence in Economic Development Award from the International Economic Development Council.
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.
Small business lender Southeast Community Capital Corp., which has an office in Knoxville, has changed its name to Pathway Lending.
The change comes as the Nashville-based company recently achieved $40 million in lending to businesses across Tennessee.
“”We’ve been providing entrepreneurs in the region with access to capital for over 10 years,” Clint Gwin, Pathway Lending president said in a news release. “We may have a new name, but our commitment to the community and our dedication to assisting businesses with the loan products and services they need to grow and succeed has not changed.”
Read my recent column on Pathway Lending (Southeast Community Capital) and the Tennessee Rural Opportunity fund here.
Pathway Lending’s website is here.