The United States Department of Agriculture Rural Development, Rural Utilities Program is a great funding source for communities who need financial support for their infrastructure improvements, especially with drinking water and sewer systems. As of July 1, 2020, interest rates for loans are extraordinarily low: poverty rate is at 1.125%; intermediate rate is at 1.50%; and market rate is at 1.875%. This program is available to communities that serve less than 10,000 people. Other benefits of the program include 40–year amortization, no prepayment penalty, and prevailing wages are not required.
Please contact your Prein&Newhof Engineer or Senior Project Manager Jason Washler, PE at (616) 822–6790 or firstname.lastname@example.org if you would like to explore this opportunity further.