Rhode Island
Rhode Island Infrastructure Bank
GREEN BANK FEATURES
Bank Model
Quasi-Public
Bank Scope
Statewide
Year Est.
2015
Political Landscape
Democratic-Divided Government
Initial Funding
Legislative Funding
New Instit.
Repurposed
Implement. Process?
Established by the General Assembly in 1989 as the Clean Water Finance Agency, the bank’s mandate was significantly expanded in 2015 (H5445) to include energy and brownfield remediation initiatives. The expanded mandate has significantly enhanced its ability to provide competitive financing to a broad variety of infrastructure-based projects.
Reporting
Established by the Rhode Island General Assembly in 1989 as the Clean Water Finance Agency, the Infrastructure Bank’s mandate was significantly expanded in 2015 to include energy and brownfield remediation initiatives. The Infrastructure Bank’s expanded mandate has significantly enhanced its ability to provide competitive financing to a broad variety of infrastructure-based projects. In conjunction with the expansion of its charter, the Infrastructure Bank was rebranded to better reflect its mission and service capabilities. 2021/2022: The Rhode Island Infrastrcture Bank is set to receive an additional $21 million in Governor McKee’s 2023 budget.
More Info
Finances infrastructure improvements for municipalities, businesses, and homeowners by leveraging limited capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including:, water and wastewater, road and bridge, energy efficiency and renewable energy, brownfield remediation, to improve the State’s infrastructure, create jobs, promote economic development and enhance the environment.
FOCUS
Collaborates with public and private capital providers to develop and deploy solutions that support and finance investments in the State's infrastructure and green energy initiatives. Programs are for municipalities, quasi-public agencies and private property owners accelerate investments that create jobs, promote economic development, and enhance the environment.
APPROACH
Our mission is to actively support and finance investments in the State’s infrastructure. The Infrastructure Bank does so through a variety of means, including the issuance of bonds, originating loans and making grants, and the engagement with and mobilization of sources of public and private capital. Through its activities, the Bank fosters infrastructure improvements that create jobs, promote economic development and enhance the environment.
GOALS
CLEAN WATER STATE REVOLVING FUND: local governmental units, quasi-public agencies, and private entities can access affordable, long-term financing for the completion of wastewater, stormwater and other water pollution abatement projects. COMPLIMENTARY PROGRAMS FACILITY PLAN LOAN PROGRAM: The Facility Plan Loan Program (FPLP) provides financing to local governmental units for the completion of water pollution abatement project facility plans, and amendments or updates to such plans. These facility plans are a prerequisite for projects seeking to receive financing through the Clean Water State Revolving Fund (CWSRF). Borrowers can receive up to $150,000 in financing for a loan term of up to three years at a below-market fixed interest rate Drinking Water State Revolving Fund: low-interest loans to community public water systems, non-profit non-community public water systems, privately organized water suppliers and local governmental units to complete drinking water infrastructure projects. Community Septic System Loan Program: provides low-cost, long-term financing to residential property owners for the repair or replacement of substandard or failing septic systems or to replace cesspools when the homeowner wishes to upgrade to a septic system Sewer Tie-In Loan Fund: provides low-cost loans to homeowners to connect to the local sewer system and abandon their individual septic system or cesspool For more about their programs, click here.
PRODUCTS AND PORTFOLIO
WEBSITE: Click Here HQ ADDRESS: 235 Promenade Street Suite 119 Providence, RI 02908 EMAIL: info@riib.org PHONE: (401) 453-4430 FACEBOOK: Yes LINKEDIN: Yes TWITTER: Yes INSTAGRAM: No TIKTOK: No NEWSLETTER: Yes BLOG: No YOUTUBE: No
CONTACT INFORMATION