Georgia Infrastructure Bank
Three years after it was created, Georgia’s infrastructure bank has received just four applications for loans from local governments. It awarded only a single loan for $1 million in 2009 and has $32 million left in the bank. The formation of an infrastructure bank was a transportation initiative of former Governor Sonny Perdue in 2008.
In an effort to attract business for the bank, Governor Nathan Deal backed changes that will now let local governments use money for repair and upkeep, not just new projects. The governor believes that the money will not be unused and thinks that this is “one of the more progressive things we’ve done to assist local governments.”
Even with low interest rates, communities are still hesitant to borrow in tight times. Communities have decided against applying for loans on their infrastructure projects because they don’t want to pay even low interest fees.
The bank also has a pool of $10 million for grants available to community improvement projects. The entire pool was awarded to eight recipients last year.
Read more: Atlantic Journal - Constitution