Low-interest loan financing to business owners of regulated underground
storage tanks to meet federal Environmental Protection Agency (EPA) upgrade
requirements.
Eligibility: Business owners of regulated underground storage tanks to
meet Federal Environmental Protection Agency (EPA) upgrade requirements
Uses: Tank removal or closure if replacing tanks, including: Upgrade
of existing tanks; Leak detection devices; Cost of new tanks; Piping,
Dispensers; Engineering design and permitting costs associated with upgrading;
All construction and installation costs associated with upgrading
Where To Apply: Customer Service Center, Single Application
for Assistance
Amounts: $500,000 or 75% of the total eligible cost, whichever is less
Terms: 10 years maximum term; The interest rate is fixed for the term
of the loan and shall equal the interest rate for a 5- year US Treasury note as
determined by the Department; 2% loan commitment fee due at loan commitment; 10%
of the total eligible project cost must be cash equity. The remaining 15% may be
bank or vendor financed; All loans will be guaranteed by the principals of the
borrower
Type of Business:
Size of Business:
Location:
Type of Funding:
Purpose of Funding:
| Environmental Assessment |
| Infrastructure Improvement/Creation |
| Pollution Prevention |
