Yesterday 120Water, a leading water program advisor, announced the launch of its 120Water Program Funding Service, a new resource to help water professionals identify and secure financing for drinking water programs.
The announcement comes as final negotiations continue for proposed federal infrastructure legislation, which—if passed—would result in a landmark investment in water infrastructure.
The increased federal funding will create new financial incentives, coupled with new regulatory pressure, for water systems to prioritize lead pipe replacement programs and accelerate compliance with upcoming Lead and Copper Rule Revisions. Access to funding will be crucial for water professionals to meet these new expectations.
"While new funds will be available to the market, there still won't be enough to go around," said Megan Glover, Co-Founder and CEO at 120Water. "It will be imperative that utility leaders start creating their funding strategies and plans early to correctly position their programs to get the resources they need."
"Water systems are seeking guidance on this positioning and how to make their proposals compelling," Glover added. "That is the goal of this service—to help water professionals understand the resources available and equip them with the support they need to access the funds they need to properly invest in their systems."
To assist with these efforts, 120Water established a partnership with Water Finance Assistance, a leading expert in water finance. They will work with water professionals to identify new funding opportunities and develop strategies and proposals to secure necessary funding.
"Navigating the financing landscape without clear guidance is time-consuming and highly inefficient," said Glenn Barnes, Director at Water Finance Assistance. "Our goal is to help water professionals spend less time navigating grants or banks and more time executing programs. I'm thrilled to partner with 120Water to offer the industry much needed guidance, particularly as new funding streams become available and LCRR adds new pressures."
The Program Funding Service is designed to provide a tailored approach for each utility. All customers will go through an identification phase to engage stakeholders, collect key information, and understand nuances for the utility, culminating in a set of data-driven recommendations. If needed, 120Water and Water Finance Assistance can then help utilities pursue funding through assistance in crafting proposals and necessary documentation.
More information about 120Water's Program Funding Service can be found at the company's website.
SOURCE: 120Water, via PR Newswire
