Governor Bill Lee, in collaboration with Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers, announced a $242,500 loan allocated for the Town of Jacksboro and the Caryville/Jacksboro Utilities Commission. This funding aims to enhance the water infrastructure in the area. The loan, part of the State Revolving Fund Loan Program, is one of five loans approved by the Tennessee Local Development Authority. These loans, which include allocations to the Town of Dandridge, the City of Fayetteville, and two loans for the Town of White Pine, amount to a total of $16.2 million.
Governor Lee emphasized the importance of addressing water infrastructure issues, highlighting the significance of the funding and the communities’ dedication to fulfilling their needs. Commissioner Salyers also spoke about the critical nature of reliable water service and how these loans can assist in meeting such essential requirements.
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The specific loan to Jacksboro and the Caryville/Jacksboro Utilities Commission comes from the Clean Water State Revolving Fund Loan Program and is intended to enhance the wastewater treatment plant. The loan carries a five-year term at an interest rate of 2.38 percent. Additionally, the loan includes $121,250 in principal forgiveness, with the remaining amount to be repaid.
TDEC’s State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities loans with lower interest rates compared to private financing. The interest rates on these loans may range from zero percent to below market rate, depending on each community’s economic situation.
In the current fiscal year, TDEC has distributed $31,686,173 in drinking water loans and $71,142,500 in clean water loans to address infrastructure needs across the state. During fiscal year 2024, TDEC granted $54,108,182 in drinking water loans and $85,350,843 in clean water loans, totaling $139,459,025. Since its establishment in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has provided over $2 billion in low-interest loans. Additionally, the state’s Drinking Water State Revolving Fund Loan Program has distributed over $300 million in loans since its inception in 1996.
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