NEW JERSEY TRANSPORTATION INFRASTRUCTURE BANK IS NOW OPEN FOR BUSINESS

The Murphy Administration today announced that the New Jersey Transportation Bank is now offering low interest loans to municipalities and counties to reduce the cost of local transportation projects.

New Jersey's first transportation loan program, the Transportation Bank is a partnership between the New Jersey Department of Transportation (NJDOT) and the New Jersey Infrastructure Bank (I-Bank). The Transportation Bank provides low interest loans for municipal and county transportation projects.

"The Transportation Bank is a unique partnership that will significantly reduce the total cost of local transportation infrastructure and will enable our communities to increase the number of projects funded," stated Acting-Commission Gutierrez-Scaccetti. "The Financing Program will accelerate the construction of projects and smooth the transition from design to build," noted Mr. Briant.

Transportation Bank Loan applications are available within three months of authorization. "The staffs of the NJDOT and I-Bank have been working together around the clock over the past several months to structure and implement the Transportation Bank. Their accomplishments in this short-time frame are impressive and a testament to the partners' commitment to this initiative," noted Mr. Briant. Please click here for loan applications.

Modeled after the successful NJ Water Bank (formerly, the New Jersey Environmental Infrastructure Financing Program), the Transportation Bank was established to provide low interest loans for local transportation projects. Interest rates in SFY2019 are anticipated to be between 1.5% and 1.75% for terms of up to 31 years.