NASHVILLE, TN (WOKI) – Tennessee Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $1,446,382 loan for the City of Maynardville to improve water infrastructure.
The loan is one of three approved by the Tennessee Local Development Authority, with loans for the City of Brownsville and City of South Pittsburg bringing the total to $17.7 million.
The City of Maynardville loan comes from the Drinking Water State Revolving Fund Loan Program. It will address the installation of approximately 3,000 AMI meters, approximately 40 commercial meters, and five district meters. The loan has a 20-year term at 1.99 percent interest. The City of Maynardville received $578,552 in principal forgiveness with the remainder of the loan amount to be paid back as principal.
“Tennessee continues to support infrastructure investments for a growing state, including water quality improvements,” said Lee. “We are pleased these funds will make projects affordable to deliver important resources for Tennesseans across the state.”
“Water infrastructure is one of the most important issues facing communities throughout our state,” Salyers said. “The loan program gives towns and cities the help they need to meet local needs. We are glad these funds are available to help.”
Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low-interest-rate loans can vary from zero percent to below market rate, based on each community’s economic health.
This fiscal year, TDEC has awarded $12,152,711 in drinking water loans and $49,825,000 in clean water loans to meet the state’s infrastructure needs. During fiscal year 2025, TDEC awarded $53,346,982 in drinking water loans and $95,558,432 in clean water loans for a total of $148,905,414.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2.6 billion in low-interest loans since its inception in 1987. The state’s Drinking Water State Revolving Fund Loan Program has awarded more than $500 million in low-interest loans since its inception in 1996.
