Tennessee officials on Friday announced a $500,000 loan for water system repairs in Oliver Springs.

The loan was announced by Tennessee Governor Bill Lee and the Tennessee Department of Environment and Conservation Commissioner David Salyers. It’s a Clean Water State Revolving Fund, or SRF, planning and design loan. It’s meant to remediate water losses in the Oliver Springs water system in what is being described as a pilot project.

The loan consists of 100 percent principal forgiveness in the amount of $500,000 with a five-year term and a 0 percent interest rate, a press release said.

“We are pleased we can assist local communities with important infrastructure improvements,” Lee said in the press release. “This loan directly addresses a need and will improve quality of life.”

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