Looking to tackle water infrastructure projects with less financial strain? The Missouri Department of Natural Resources is extending an offer that might be just the lifeline needed. An informational webinar scheduled for 9:30 a.m. on Jan. 15, is set to provide the ins and outs of securing below-market rate financing through the Clean Water State Revolving Fund and Drinking Water State Revolving Fund programs.
Community leaders and stakeholders eyeing capital projects for wastewater, stormwater, and drinking water should take note — applications are due by March 1 to receive top priority in loan financing and potential grant funding. As reported by the Department of Natural Resources website, there's real savings on the table here, with interest rates slashed to 70% below the market rate. A recent loan of $5 million pocketed more than $1.5 million in interest savings for one such lucky community.
The Clean Water SRF loan program is designed to aid in the financing of water quality improvements which can include an array of projects right from upgrading wastewater treatment facilities to stormwater management. Financing is on offer for political subdivisions of the state as a whole. On the flip side, the Drinking Water SRF loan program targets initiatives enhancing public health through better drinking water infrastructure, available to political subdivisions, not-for-profit regional water suppliers, and investor-owned water utility corporations.
What kind of difference can this financial assistance make? Besides the attractive interest rates, qualified borrowers might find themselves with a standard loan term extended to 20 years, and in some situations, their repayment schedule can stretch up to 30 years. It's assistance that goes beyond mere dollars, as borrowers gain access to a dedicated department project management team, which further adds value to the deal, according to information from the Department of Natural Resources announcement.
