Loans available in Memphis for energy conscious businesses, nonprofits
Memphis Commercial Appeal - November, 20 2012
Memphis and Shelby County business can now take advantage of a new program from financial nonprofit, Pathway Lending, that makes available $10 million for loans to finance energy efficiency and renewable energy projects. The Tennessee Energy Efficiency Loan Program allows businesses and nonprofits to apply for loans that range from $25,000 to $2.5 million for projects that could involve retrofitting lighting systems, HVAC systems or some other renewable energy project at a rate of about 3 percent over five years, said Paul Young, administrator of the Memphis and Shelby County Office of Sustainability.
The loan money is part of the Mayors' Energy Challenge from Shelby County Mayor Mark Luttrell and Memphis Mayor A C Wharton to residents and business owners encouraging them to take advantage of the resources available. "In tight economic times, we often overlook energy when it comes to figuring out how to reduce overall expenses," Luttrell said. "These energy improvements can provide relief to businesses and families that are looking for ways to increase monthly cash flow. It also helps our local economy by adding construction job opportunities as more residents and businesses take on energy upgrade projects."