The Town of Pegram will receive a $2.4 million low-interest loan to upgrade its wastewater treatment plant and expand its land application system.
Gov. Bill Lee and the Tennessee Department of Environment and Conservation announced the funding as part of the state’s Clean Water State Revolving Fund Loan Program.
The 20-year loan carries a 3.31% interest rate and will help Pegram address needed improvements to its wastewater infrastructure.
The loan was one of four approved by the Tennessee Local Development Authority. The other loans, awarded to Columbia, Maynardville and Pikeville, bring the total approved funding to $82.5 million.
“These funds make water quality improvement projects affordable for local governments and provide critical resources for Tennesseans across the state,” Lee said.
The Clean Water State Revolving Fund provides communities, utility districts and water and wastewater authorities with loans at interest rates below what is typically available through private financing.
TDEC said it has awarded $75 million in drinking water loans and $6.02 million in clean water loans during the current fiscal year to address infrastructure needs across Tennessee.
Since 1987, Tennessee’s Clean Water State Revolving Fund has provided more than $2.5 billion in low-interest loans for water quality projects.
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