BARNSTABLE – Since May 2006, Barnstable County residents have received $40 million in loans.
They money comes from the County Septic Management Loan Program to help with the replacement of failed systems. The replacement can be conventional, innovative/alternative or sewer hook-up.
The average cost so far is $11,000, which is loaned at 5% over twenty years.
Kendall Ayers, the Program Administrator, said the CSMLP is happy with the response.
“We are more than pleased. We knew it would be successful, we knew there was a need for this type of program out there. We didn’t know how successful it would be, but it’s been proven over the years that there is a need to lessen the financial burden of upgrading septic systems,” he said.
Barnstable County Commissioner and Chairman Leo Cakounes said the program is excellent for two reasons, saying it provides an essential service which aids public health and accomplishes this while protecting public funds.
Ayers said the program started out with a big loan, but has become self-sustaining.
“We borrowed $30 million from the Clean Water trust, and have loaned all of that money out. A lot of the principal has been paid back to us, so were actually loaning that out one more time.”
The loan process is not difficult and has a typical approval turn-around of 24 hours. There are safeguards to ensure that the loans are repaid.
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