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Waynesville board approves $1.5 million cash-flow bridge loan application to support FEMA reimbursements and SRF funding
Summary
The Town of Waynesville authorized staff to apply for a $1.5 million 0% cash-flow bridge loan for disaster response activities to bridge FEMA reimbursements and improve competitiveness for a larger State Revolving Fund (SRF) loan; the board passed a resolution authorizing the borrowing.
The Town of Waynesville board approved a resolution to apply for a $1.5 million cash-flow bridge loan from the State of North Carolina’s disaster-response cash-flow loan program, a 0% interest option intended to help municipalities cover costs while awaiting FEMA reimbursements and to strengthen SRF loan applications.
Why it matters: Town staff said the loan is 0% interest with a 20-year amortization and that, for eligible distressed…
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