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In 2022, the inaugural round of FCIB loan funding totaled more than $8.5 million.
Uniontown, PA - The Fayette County Infrastructure Bank (FCIB) is officially open and will begin accepting applications for 2023 funding March 1.
Following an extremely successful inaugural year, which saw more than $8.5 million in loans funded, the program returned this week for what they hope will be an even bigger sophomore season.
“After seeing how successful the 2022 Infrastructure Bank was, the county commissioners felt we should keep the momentum going,” Fayette County Economic Development Coordinator Mark Rafail said. “They saw the advantages and economic growth that it led to for not only the county, but the municipalities and municipal authorities utilizing the program.”
Aimed at helping municipalities and municipal authorities fund infrastructure projects, the Fayette County Infrastructure Bank allows such entities to apply for loans from a special county fund to be used as a quicker, more reliable option for financing necessary repair or improvement projects.
Fayette’s program structure involves the county offering low-interest loans to more eligible applicants than what is available through traditional financing. Potential eligible applicants include municipal governments, municipal authorities and others to be determined.
Fayette County Commissioners Dave Lohr, chairman; Vince Vicites and Scott Dunn, along with Community Networking Resources (CNR) and HRG Engineering Inc., hosted a 2023 kickoff meeting for municipal officials Monday.
CNR and HRG established the first Infrastructure bank in both Pennsylvania and nationwide in 2014 in Dauphin County. Butler County followed in 2018, and Fayette started the process in 2021.
“We decided to start the year with a new launch event to reintroduce the program to some of the entities that may have missed out on the first round, or who may need to refresh their understanding of how the infrastructure bank can help them,” Rafail said. “We hope to receive more applications this year for projects either needing match money or initial funding that will, ultimately, enhance our Fayette County communities and our economy.”
Representatives from the North Fayette County Municipal Authority (NFCMA) also attended the meeting to talk about their experience as the first-ever recipient of an FCIB loan.
In January, Authority General Manager Kenny Martray said the NFCMA board was “very honored to be the first participant in this groundbreaking new program,” as they accepted their first installment check.
Their $4.3 million loan will be used toward three different projects benefiting Fayette County citizens in a variety of ways, such as providing quality public drinking water; a distribution system with less breaks and interruptions; and a better fire protection system.
The Fayette County Infrastructure Bank will remain focused on public transportation and utility infrastructure to support economic development projects and public safety. In addition to investing county funds directly back into county municipalities, other benefits include creation of a legacy program for investment in local county infrastructure; increased access to capital at the lowest possible rates; project planning and delivery support from county officials; the ability to leverage additional funding sources and more.
Visit www.fayettecountypa.org/839/Fayette-County-Infrastructure-Bank to learn more about the Fayette County Infrastructure Bank.
To learn more about Fayette County, visit www.fayettecountypa.org.
This communication is part of the Fayette County PR Initiative, which is funded through the Fayette County Local Share Account (LSA) and Hotel Tax Grants in cooperation with the Fayette County Board of Commissioners, Fayette Chamber of Commerce, The Redevelopment Authority of the County of Fayette, The Redstone Foundation and other partners. This funding has been designated for the continued promotion and marketing of Fayette County, PA.
For more information, contact Rick Fike Public Relations Media Specialist, at 724-437-4571, email@example.com or Kaylie Moore, Community Relations Coordinator, at 724-430-1200 Ext. 1611, firstname.lastname@example.org.