Lee, TDEC Announce $242,500 Loan for Town Of Jacksboro, Caryville / Jacksboro Utilities Commission for Water Improvements

Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $242,500 loan for the Town of Jacksboro and the Caryville/Jacksboro Utilities Commission to improve water infrastructure.

The loan for the two entities is from the State Revolving Fund Loan Program and is among five approved by the Tennessee Local Development Authority, including loans for the Town of Dandridge, the City of Fayetteville, and two loans for the Town of White Pine, totaling $16.2 million.

"Water infrastructure can be a challenging issue for a community, and this program provides crucial funding for improvements," Lee said. "We commend these communities for showing such commitment to meeting their needs and going through this process."

"One of the most important issues facing a community is dependable water service, and these loans can help address those needs," said Salyers. "Tennesseans benefit from the process behind these loans, and we look forward to the results that will come from these efforts."

The Town of Jacksboro and Caryville/Jacksboro Utilities Commission loan comes from the Clean Water State Revolving Fund Loan Program. It will address wastewater treatment plant improvements. The loan has a five-year term at 2.38 percent interest. The recipients were given $121,250 in principal forgiveness with the remainder of the loan amount to be paid back as principal.

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 $31,686,173 in drinking water loans and $71,142,500 in clean water loans to meet the state's infrastructure needs. During fiscal year 2024, TDEC awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans for a total of $139,459,025.

Tennessee's Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. The state's Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.