R.I. Infrastructure Bank closes $9.8M in loans for Smithfield

PROVIDENCE – The Rhode Island Infrastructure Bank recently closed on $9.8 million in low- and no-interest loans for energy, water and septic system improvements in Smithfield, according to a news release.

The financing includes a $6.6 million loan through the bank’s Efficient Buildings Fund to pay for energy efficiency upgrades at Smithfield High School and Vincent Gallagher Middle School.

There is also a $3 million loan, with $212,500 in principal forgiveness through the bank’s Drinking Water State Revolving Loan Fund, to pay for upgrades to two water tanks through the Smithfield Water Supply Board and a new pressure control system in North Providence.

Finally, an interest-free, $200,000 loan from the Community Septic Loan program will help create the town’s first community septic loan program, offering low-interest loans to eligible homeowners to make septic repairs.

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Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com

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