Eligibility

• Privately-owned community water systems;
• Privately-owned nonprofit, noncommunity public water systems; and
• Borrowers must be reviewed and recommended by the Agency of Natural Resources.

Use of Proceeds

• Obtain requisite permits, design, plan, construct, repair or improve an existing eligible water system to comply with federal and state standards.

Loan Rates and Terms

• Term of up to 20 years – up to 30 years for nonprofit community systems serving low-income residents;
• Repayment deferred for one year from completion of project; and
• Administrative fees in lieu of interest rates are set for each project based on the average household income of the water system users, and range from 3% to minus 3%.

Fees

• No fees are charged.

Application Process

• All loans are approved by VEDA and the Agency of Natural Resources;
• Applicants are advised to discuss their proposed project with the Agency of Natural Resources and VEDA Staff prior to submitting an application; and
• Applications may be obtained from either the Agency of Natural Resources or VEDA.