The loans, which will be administered by Pathway Lending on behalf of the state, will be available for companies of all sizes and types at interest rates of 5% with terms extending up to 10 years.
The loans will cover up to 100% of the costs of the energy efficiency projects, including building retrofits, equipment replacements or upgrades, lighting and renewable-energy generation projects.
The businesses are required to provide energy audit, assessment or vendor proposals with projected energy savings detailed in order to qualify for the energy efficiency loan program.
The other partners in this energy efficiency loan program are the US Department of Energy, the US Economic Development Administration, Pinnacle Financial Partners and the Tennessee Valley Authority.
