The Septic Replacement Loan Program (SRLP), created in partnership with the Michigan Department of Environment, Great Lakes, and Energy (EGLE), provides low-interest financing to Michigan homeowners for the replacement of failing or near-failing septic systems. EGLE contracted Michigan Saves to develop and manage the program.
A failing septic system can back up wastewater into your home or discharge wastewater onto the ground surface, potentially contaminating surface and drinking water supplies. This can expose children and pets to dangerous bacteria and viruses in your yard, which can then be tracked into your home. Replacing a failed septic system can be an unexpected financial burden, which is why the SRLP provides low-interest loan options for Michigan homeowners in need.
Homeowners can access two loan tiers by working with a Michigan Saves authorized septic installation contractor: income-based financing (tier one) and market-based loans (tier two). Information collected in the loan application will determine the tier the applicant will be considered for. For both tiers, actual rates, terms, and loan amounts may vary based on factors collected during the loan application.