Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced an $18 million loan for the Town of Smyrna to improve water infrastructure.
The loan is one of five approved by the Tennessee Local Development Authority, with loans for Waverly, Smyrna, Erwin Utilities Authority and two loans for the City of Humboldt, totaling $26 million.
The Town of Smyrna loan comes from the Clean Water State Revolving Fund Loan Program. It will address wastewater treatment plant expansion to allow for treatment capacity of 9 million gallons per day. The loan has a 30-year term at 1.30 percent interest.
“The State Revolving Fund Loan Program continues to be a key resource for communities across our state to meet water infrastructure needs,” Lee said. “We are pleased we can assist the Town of Smyrna, and we look forward to the improvements that will come from this loan.”
“Loans like this help communities improve quality of life,” Salyers said. “We are pleased this loan for Smyrna has been approved, and it should result in improved water infrastructure.”
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 $4,881,100 in drinking water loans and $134,511,200 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.