Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $1.42 million loan to the City of Ripley for water infrastructure improvements. The loan is part of a broader approval by the Tennessee Local Development Authority, which includes a total of $7.12 million in loans for both the City of McMinnville and the City of Ripley. These funds are sourced from the State Revolving Fund Loan Program.
Governor Lee emphasized the importance of reliable water infrastructure in communities, noting that the program is designed to address this need. “We commend the cities seeking this assistance for going through the loan process, and we look forward to the results that come from their efforts,” he said.
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Commissioner Salyers highlighted the affordability and significance of the program, stating, “The State Revolving Fund Loan Program gives communities an affordable way to provide quality water infrastructure. The loans are for important projects, and we are fortunate to have this program.”
The loan for the City of Ripley, specifically from the Drinking Water State Revolving Fund Loan Program, will be used for water line replacement. It carries a 20-year term with an interest rate of 1.28 percent. Additionally, the City of Ripley received $284,000 in principal forgiveness, with the remaining amount to be repaid.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities loans with lower interest rates compared to private financing. These loans can range from zero percent to below-market rate, depending on the economic health of each community.
The $7.12 million in drinking water loans for Ripley and McMinnville are the first of this fiscal year. In fiscal year 2024, TDEC awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans, totaling $139,459,025.
Since its inception in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has awarded over $2 billion in low-interest loans. The state’s Drinking Water State Revolving Fund Loan Program, established in 1996, has awarded more than $300 million in low-interest loans.
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Tennessee Allocates $5.7 Million for McMinnville Water Infrastructure
Tennessee has allocated a $5.7 million loan to McMinnville for water infrastructure improvements, part of a broader $7.12 million initiative including Ripley, sourced from the State Revolving Fund Loan Program.