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Name |
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Tennessee Small Business Energy Loan Program (SBELP) |
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Active |
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Funding Mechanism |
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Loan fund |
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Duration |
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1988 - present |
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Objectives |
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To provide funding for small businesses in order to upgrade the level of energy efficiency in their buildings, plant and manufacturing processes |
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Sponsors |
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TN Dept of Economic & Community Development- Energy Division |
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Eligible Sectors |
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All; small mom & pops, small manufacturers, dry cleaners, doctor's offices, motels, hotels, auto repair, grocery stores, curb markets, restaurants, small office buildings |
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Eligible Projects/Technologies |
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Most prevalent are projects, which include a combination of measures (insulation %20 HVAC %20 lighting, for instance, is very popular). Next most common category is straight HVAC replacement/upgrade. Third most common is replacement/ modification of processing equipment. Fourth is boiler replacements, rebuilds or modifications. |
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Fund Endowment |
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Petroleum Violation Escrow- Stripper |
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Terms |
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-Funding Instruments |
Monthly payment amortized loans |
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-Interest Rates |
3% |
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-Payback |
Up to a maximum of 7 years depending on simple payback of project |
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-Size |
Up to US$ 100,000; average loan made as of 10/31/01 was #38,007 |
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-Collateral |
Varies. We take personal guarantee of owner/s, deeds of trust, UCC on equipment, assignments, etc. Each loan is different and we have the flexibility to tailor collateral to the situation. |
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-Share of loan in project cost |
100% of project cost up to a maximum of US$ 100,000 |
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-Loan criteria |
Tennessee business with fewer than 300 employees or less than 3.5 million dollars in annual gross sales or receipts |
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Comments |
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Sources |
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Tennessee Energy Division |
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