Program Helps Businesses Save Energy, Money
Published Apr 07, 2005
Helping Tennessee businesses save money, save energy and upgrade their facilities are goals of Tennessee’s Small Business Energy Loan Program, operated by the Energy Division of the Department of Economic and Community Development.
“Our low-interest and no-interest loan program assists small businesses – from manufacturers to mom-and-pop grocery stores – in doing energy-retrofit work,” says Clinton A. Berry, program manager.
In other words, the program helps finance any kind of project that would help a business save energy in some way – installing insulation, double-paned windows or energy-efficient lighting, for example.
Since the program began in 1988, more than $10 million has been loaned from the revolving fund, which is continually replenished as businesses pay back the financing.
Eligible businesses have fewer than 300 employees or less than $3.5 million in annual gross sales.
As of 2005, loans are available with no interest to businesses in communities that either have or are in the process of receiving “Three-Star” or “Main Street” certification from the state, Berry says.
The Three-Star and Main Street programs – operated by the state’s Department of Economic and Community Development – are designed to help communities revitalize downtown and central business districts, preserve jobs and create new jobs.
Businesses in communities that are not involved in those economic-development programs can qualify for loans at a 3-percent interest rate.
The program can lend 100 percent of a project up to $100,000, and all loans must be repaid within seven years.
Projects might include a manufacturer replacing energy-guzzling heating and cooling systems with more efficient models. A warehouse might increase insulation in the roof and walls. A retailer might replace leaky windows with airtight storm windows.
Berry recalls a Memphis lumber company that installed a new fuel system, switching from natural gas to a blower fired by its wood-chip waste.
Ultimately, companies reap the benefits.
“The money businesses would spend on energy can be put to better uses – to make them more competitive, or to cut down on per-unit costs,” Berry says.
A free energy audit is available through the program for prospective businesses.
For more information, contact the Energy Division at 1-800-342-1340 or 615-741-2994.
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