Have you been hearing about all this new funding but don’t know what it means? The federal government has passed acts to support infrastructure funding including The Infrastructure and Jobs Act, Bipartisan Infrastructure Law, and the Inflation Reduction Act. What do these acts aim to do? How can you take advantage of these funds?
All of these are intended to fund existing grant programs or start new grant programs that push money out for infrastructure projects like those for drinking water or wastewater. These acts can also create new loan programs.
The other goal is to make funding more accessible. SRF (state revolving fund) programs in every state are loan programs, sometimes associated with principal forgiveness. With Bipartisan Infrastructure Law (BIL) funds, states have been supplementing principal forgiveness which helps disadvantaged communities. This evens out the playing field and makes the funding landscape less competitive for rural and disadvantaged communities, which is an administration aim through the Justice40 Initiative.
Now that you know more about these funding opportunities, you are able to make educated decisions as to what types of funding to pursue. Just because more money has been allocated, it doesn’t mean you should apply to any and everything expecting results. Assess the options and only apply to programs you are highly competitive for. Don’t waste your resources on grants that won’t be fruitful.