City of Colchester to receive USDA funding for Local Sewer Project
8 months, 2 weeks ago
Congressman Aaron Schock and Congressman Bobby Schilling announced Friday that the City of Colchester has been awarded a loan and grant from the U.S. Department of Agriculture’s Rural Development program to provide funding to implement the city’s Combined Sewer Overflow Project
Congressman Aaron Schock (R-IL) and Congressman Bobby Schilling (R-IL) announced Friday that the City of Colchester has been awarded a loan and grant from the U.S. Department of Agriculture’s (USDA) Rural Development program to provide funding to implement the city’s Combined Sewer Overflow Project. After learning of the funding request by Colchester, Congressmen Schock and Schilling contacted the USDA to provide their support for the application for financial assistance.
The USDA Rural Development loan is in the amount of $2,348,000 (interest rate of 2.125%) and the grant is in the amount of $1,562,000. The combined loan and grant funding will be used to implement the city’s Combined Sewer Overflow Project.
“The confirmation of the grant and loan assistance by USDA couldn’t have come at a better time for the city of Colchester.” said Congressman Aaron Schock. “The completion of the sewer overflow project is necessary for the city’s safety, but as is the case so many times, the financial obligation involved can be overwhelming for a small community. The USDA’s Rural Development assistance will now make it possible for Colchester to continue its work on this project and do so in a fiscally responsible way, which is why I was proud to have supported Mayor Bice’s request.”
“This grant and loan assistance is welcome news for Colchester,” said Congressman Bobby Schilling. “I’m grateful for the opportunity to join Congressman Schock and Mayor Bice in pushing to get this done, and pleased by the results for the Colchester community.”
“We are elated by the good news that our application for assistance has been approved,” said Colchester Mayor Danny Bice. “We have been hard at work planning and preparing to move ahead with the project, but the biggest obstacle that was holding us back was the cost involved. I appreciate that Congressman Schock showed interest in our application from the beginning and provided the additional support we needed to make the case for why we were a good candidate for the funding.”
USDA Rural Development financial programs support such essential public facilities and services as water and sewer systems, housing, health clinics, emergency service facilities and electric and telephone service. USDA Rural Development promotes economic development by supporting loans to businesses through banks, credit unions and community-managed lending pools. USDA Rural Development offers technical assistance and information to help agricultural producers and cooperatives get started and improve the effectiveness of their operations, and provides technical assistance to help communities undertake community empowerment programs.