PROVIDENCE – The Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses and homeowners, has closed on a $77,000 Drinking Water State Revolving Fund loan, with 100% principal forgiveness, for the Shannock Water District to install a new emergency generator.
Serving parts of Richmond and Charlestown, the Shannock Water District provides drinking water to approximately 250 people.
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“Rhode Island’s many smaller water systems, like the Shannock Water District, often lack the broad base of ratepayers to finance necessary but often expensive system upgrade projects on their own,” said William Fazioli, executive director of the Rhode Island Infrastructure Bank. “That is why we are pleased to offer low-cost financing and loan forgiveness through the Drinking Water State Revolving Fund to allow our state’s smaller water providers to make investments, such as installing a new emergency backup generator, that are needed to ensure the continued supply of safe drinking water.”
Since the inception of the Drinking Water State Revolving Fund, the infrastructure bank has provided more than $700 million in loans to Rhode Island’s public water systems.
