PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced more than $3 million in financing and loan forgiveness for safe drinking water upgrade projects for 5 small and community water system providers across the state. The projects are being financed via the Drinking Water State Revolving Fund (DWSRF) program, which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.
"Rhode Island's many smaller water systems often lack the broad base of rate payers to finance needed, but often expensive, system upgrade projects on their own," said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. "That's why the Infrastructure Bank is pleased to offer low-cost financing and loan forgiveness through the Drinking Water State Revolving Fund to allow our state's smaller water system providers to make the investments needed to ensure the continued supply of safe drinking water."
Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island's public water systems.
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org