Lee, TDEC Announce $1.3 Million Loan for Smyrna Water Improvements
Tennessee Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $1.3 million loan 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 Kingsport totaling $8.3 million.
“This loan program will address Tennessee’s water infrastructure needs to better serve families and businesses across the state,” said Lee. “We look forward to the improvements the program will bring to local communities and commend Smyrna officials for their efforts to receive funding.”
“Quality water infrastructure is vital for Tennesseans, so this is an important program,” Salyers said. “The low-interest loans make it possible for communities to make improvements they need and deserve.”
The loan for the Town of Smyrna comes from the Clean Water State Revolving Fund Loan Program and will address infiltration and inflow correction within the wastewater collection system. The loan has a 20-year term at 2.95 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 $45,545,000 in drinking water loans and $48,128,445 in clean water loans to meet the state’s infrastructure needs. During fiscal year 2022, TDEC awarded $26,192,400 in drinking water loans and $82,825,220 in clean water loans for a total of $109,017,620.
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.