Lee, TDEC Announce $650,000 in Loans for Town of White Pine for Water Improvements

Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced two loans from the State Revolving Fund Loan Program totaling $650,000 for the Town of White Pine to improve water infrastructure.

The loans are among five approved by the Tennessee Local Development Authority, along with loans for the Town of Dandridge, the Town of Jacksboro and Caryville/Jacksboro Utilities Commission, and the City of Fayetteville, totaling $16.2 million.

“Water infrastructure can be a challenging issue for a community, and this program provides crucial funding for improvements,” Lee said. “We commend these communities for showing such commitment to meeting their needs and going through this process.”

“One of the most important issues facing a community is dependable water service, and these loans can help address those needs,” said Salyers. “Tennesseans benefit from the process behind these loans, and we look forward to the results that will come from these efforts.”

One loan for the Town of White Pine is $500,000 from the Clean Water State Revolving Fund Loan Program for collection system rehabilitation. The loan has a five-year term at 2.38 percent interest. The Town of White Pine received $250,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.

The Town of White Pine will also receive a loan for $150,000 from the Drinking Water State Revolving Fund Loan Program for the planning and design of a new water storage tank. The loan has a five-year term at 2.38 percent interest. The Town of White Pine received $75,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.

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 $31,686,173 in drinking water loans and $71,142,500 in clean water loans to meet the state’s infrastructure needs. During fiscal year 2024, TDEC awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans for a total of $139,459,025.

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.