Lee, TDEC Announce $2.5 Million Loan for Smyrna Water Improvements
Gov. Bill Lee and Commissioner David Salyers of the Tennessee Department of Environment and Conservation (TDEC) today announced a $2.5 million loan from the State Revolving Fund Loan Program for the Town of Smyrna to improve water infrastructure.
The loan is one of two approved by the Tennessee Local Development Authority, with loans for Smyrna and Cookeville totaling $20 million.
“The State Revolving Fund Loan Program helps communities meet the need of improved infrastructure, and we are glad we can assist in this way,” Lee said. “We look forward to the improvements that will come from this assistance for Cookeville and Smyrna.”
“These loans provide affordability for vital infrastructure needs,” Salyers said. “Our communities are working hard to provide quality service to Tennesseans, and this program is an excellent way to help make that happen.”
The loan for the Town of Smyrna comes from the Drinking Water State Revolving Fund Loan Program. The loan addresses improvements to the water distribution system and has a 20-year term at 1.6 percent interest.
Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.
This fiscal year, TDEC has awarded $26.1 million in drinking water loans and $79.2 million in clean water loans to meet the state’s infrastructure needs. During fiscal year 2021, TDEC awarded $7,171,000 in drinking water loans and $77,568,000 in clean water loans for a total of $84,739,000.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. The state’s Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.