Traverse City Light & Power (TCL&P), along with Venture North Funding & Development (formally the Traverse Bay Economic Development Corporation and Chamber Foundation), has launched a zero percent interest promotion for its Energy Efficiency Revolving Loan Fund.
This promotion is available to TCL&P commercial and industrial customers that are making their businesses more energy efficient by investing in infrastructure upgrades. “Light and Power has a successful energy efficiency rebate program which incentivizes customers to become more efficient,” said Tim Arends, the Executive Director of TCL&P. “This is just another way the utility is assisting customers in taking control of their energy future.”
Potential applicants will be required to complete a pre-qualification application through Venture North’s website. A designated Loan Review Committee will review and score qualified applications based on criteria such as, but not limited to:
- Proven reduction of electric demand at peak times
- Completion of a comprehensive energy assessment or audit
- Ability to payback loan
“Venture North is excited to continue partnering with Traverse City Light and Power on this important energy saving program for local businesses,” said Laura Galbraith, the Executive Director of Venture North. She noted the loan fund has already financed nine energy efficiency projects for area companies. “Energy efficiency and helping our business sector reduce power consumption and save on utility costs is a high priority for Venture North and its economic development partners.”
Loan conditions will vary based on the type of project and the needs of the borrower. Available loan sizes are up to $50,000 with a loan term of up to five years. For more information, visit www.venturenorthfunding.org or call 231-995-7110.