The City of Nicholls was awarded a $282,000 Clean Water State Revolving Fund loan by the Georgia Environmental Finance Authority (GEFA) board of directors.
The loan will finance rehabilitating sewer main to address significant inflow and infiltration in the system.
The city will pay 1.53% on the 20-year loan. The loan qualifies for a reduced interest rate because the city meets GEFA’s affordability criteria and for the project being a conservation activity. The city is eligible for principal forgiveness up to $169,200.
The CWSRF provides low-interest loans for wastewater and water pollution control infrastructure. These projects conserve and improve water resources and facilitate economic development. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia.
GEFA offers a reduced interest rate for energy efficiency and renewable energy projects at water and wastewater treatment plants, landfills, and municipal solid waste facilities; water conservation projects in the areas of water loss and end-use water efficiency; and nonpoint source pollution control projects.
The Georgia Environmental Finance Authority (GEFA), headquartered in Atlanta, provides financing for a variety of energy, land, and water projects. Since 1986, GEFA has approved financial commitments totaling almost $6 billion to local governments, businesses, and nonprofit organizations.
