The U.S. Department of Transportation has created a pilot program to speed up approval of long-term, low-cost loans for short-line and regional railroads.
In a news release, DOT said the Railroad Rehabilitation and Investment Financing Express program seeks to cut the time and costs associated with securing loans to modernize aging freight-rail infrastructure.
Also included in the initiative is up to $26 million in additional financial support.
DOT’s Build America Bureau will administer the program. Letters of interest will be accepted Jan. 12 through April 11, 2020.
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