Lee, TDEC Announce $493,000 Loan for Caryville Water Improvements
Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $493,000 loan for the Town of Caryville and the Caryville-Jacksboro Utilities Commission to improve water infrastructure.
The loan is one of six approved by the Tennessee Local Development Authority, along with two loans for the Town of Huntland totaling $3.9 million and three loans for the Metropolitan Government of Nashville and Davidson County totaling $44.1 million, making the overall total of loans announced today $48.5 million.
“Loans from this program address important infrastructure needs in communities across Tennessee,” Lee said. “We look forward to the improvements this assistance will bring.”
“These loans enhance quality of life,” Salyers said. “We are pleased we can provide this help, which should have a big impact in these communities.”
The Town of Caryville and the Caryville-Jacksboro Utilities Commission loan comes from the Clean Water State Revolving Fund Loan Program. It will address improvements to the wastewater treatment plant. The loan has a 20-year term at 0.54 percent interest. The Town of Caryville and the Caryville-Jacksboro Utilities Commission received $49,300 in principal forgiveness with the remainder of the loan amount to be paid back.
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 $37,374,000 in drinking water loans and $150,479,900 in clean water loans to meet the state’s infrastructure needs. During fiscal year 2019, TDEC awarded $13,345,300 in drinking water loans and $83,324,500 in clean water loans for a total of $96,669,800.
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.