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News
LANSING – The Septic Replacement Loan Program will provide low-interest financing options for up to $50,000 for Michigan homeowners looking to replace their septic systems. The program is a partnership between the Michigan Department of Environment, Great Lakes and Energy and Michigan Saves, a nonprofit bank.
The Michigan legislature has allocated $35 million to EGLE’s Onsite Wastewater Management Unit for the development and implementation of the statewide program.
“A working septic system is an essential part of a home,” said Anne Mitchell, SRLP manager at EGLE. “Fifty six percent of Americans struggle to cover a $1,000 emergency, so we’re thrilled to offer this financial benefit to anyone facing the daunting task of replacing a failing septic system.”
A failing septic system can back up wastewater into homes, posing serious health risks. Failing septic systems discharge untreated wastewater, posing environmental risks such as the contamination of surface water and drinking water resources. This poses a significant health risk, especially to children who may come into contact with dangerous bacteria and viruses. The SRLP offers loan options to homeowners to help overcome the financial burden of septic system replacement.
The SRLP is divided into two tiers: income-based financing (tier one) and market-based loans (tier two). Loans will range up to $30,000 per project for tier one, and up to $50,000 per project for tier two, with rates, terms and loan amounts varying. To be eligible for the program, septic systems must be permitted by the local health department in accordance with EGLE’s program minimum standards and be installed by a Michigan Saves authorized septic installation contractor.
More information is available at MichiganSaves.org/Septic/.