Lee, TDEC Announce $1.76 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 $1.76 million loan for the Town of Smyrna to improve water infrastructure.
The loan is one of seven approved by the Tennessee Local Development Authority, with five loans for the Hamilton County Water and Wastewater Treatment Authority and one loan for the Town of Trezevant totaling $3.7 million.
“We are pleased we can assist communities with these loans as they make infrastructure more affordable,” Lee said. “It is important that Tennesseans receive reliable services, and we are grateful to the local officials working to provide them.”
“Water infrastructure is crucial,” Salyers said. “We are glad we can make these loans available, and we look forward to the results that will come from this assistance.”
The loan for the Town of Smyrna comes from the Clean Water State Revolving Fund Loan Program. The loan addresses improvements to the wastewater collection system and has a five-year term at 1.21 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 $26,192,400 in drinking water loans and $82,825,220 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.