The NJ Water Bank Financing Program is a partnership between the NJ Environmental Infrastructure Trust (NJEIT), a division of the NJ Infrastructure Bank, and the NJ Department of Environmental Protection (DEP). The application process has been streamlined and implemented through the H2LOans online application system.
NJ Water Bank eligibility consists of two components: (1) the project Sponsor must (a) be either a local government unit or hold a permit to operate a public water system and (b) satisfy the program’s credit worthiness requirements; and (2) the project must (a) be a clean water or drinking water project as set forth in the Funding Tab above and (b) satisfy all NJ Water Bank program requirements. The above determinations are made upon consideration of relevant application information, submitted by Sponsors through H2LOans, which can be accessed by registered users at www.h2loans.com.
Black - Application/Document Submission
Blue - Approval/Certification
Green - Loan Closing
|Submission||(1) Project Information||(2) Short-Term Loan FAF||Certification 1||Short-Term Loan Closing*||(3) Letter of Intent (Environmental Planning Document)||(4) Construction Application||(5) Engineering Plans and Specifications||Certification 2**|
|Deadline||Not Applicable||Not Applicable||Not Applicable||Not Applicable||Not Applicable|
*Environmental Planning Funding
The I-Bank charges interest on funds drawn on short-term loans. The effective interest rate is set monthly to reflect costs associated with the I-Bank’s borrowed funds blended with 0% interest funds appropriated to the I-Bank by the State for the Water Bank’s Construction Financing Program. The effective monthly interest rate can be found on the I-Bank’s website Here. Long-term interest rates may vary, but for 2022, most borrowers will receive an effective interest rate made equal to 50% of the I-Bank's market rate.
3131 Princeton Pike, Building 4 Suite 216
Lawrenceville NJ, 08648 T. 609 219 8600