RIIB approves infrastructure loans for Portsmouth

PORTSMOUTH – Rhode Island Infrastructure Bank last week approved a second tranche of funding for Portsmouth to provide loans to residents for septic system repairs and cesspool remediation.

The quasi-government organization provided a $300,000 line of credit to the town and its residents. To date, RIIB has closed seven loans totaling $123,000 for Portsmouth residents through its Community Septic System Loan Program, with another seven loans totaling $175,000 currently pending, according to a press release.

“The CSSLP loan program funded by Rhode Island Infrastructure Bank has proven to be an invaluable tool for Portsmouth residents who need to replace a cesspool or other substandard or failing septic system,” Portsmouth Town Administrator Richard Rainer said in a statement. “By making low interest rate loans available, Rhode Island Infrastructure Bank is helping to make Portsmouth’s Wastewater Management District program a success.”

Since the program started in 1999, RIIB has made 670 loans totaling more than $13 million throughout Rhode Island.

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