Replacing, Removing, or Upgrading Underground Storage Tanks Loan

State Water Resources Control BoardAmount not specifiedNo deadline listed

Unofficial — verify with the issuing agency before applying.

Small business Small award Narrow eligibility

Deadline: Not specified
Posted: Jun 9, 2020
Award amount: Amount not specified
Focus areas: Environment & Water

In plain English

A low-interest loan program (not a grant) for California small businesses (fewer than 500 employees) that own or operate underground storage tanks needing upgrades, removal, or replacement to meet state and federal standards. Loans range from $10,000 to $750,000 over 10- or 20-year terms, secured by business assets or real estate, with a 2% loan fee due at closing. Applicants must demonstrate ability to repay and provide adequate collateral.

AI-generated summary to help you decide quickly — verify the official eligibility rules before applying.

Who can apply

Business

About this grant

Replacing, Removing, or Upgrading Underground Storage Tanks (RUST) loans are available to assist small business underground storage tank (UST) owners and operators in financing up to 100 percent of the costs necessary to upgrade, remove, or replace project tanks, including corrective actions, to meet applicable local, state, or federal standards, including, but not limited to, any design, construction, monitoring, operation, or maintenance requirements adopted pursuant to Health and Safety Code section 25284.1, 25292.05, 25292.4, or 41954. Loan Terms Low-interest loans are available for between $10,000 and $750,000, for a term of 10 or 20 years. • Ten-year loans are secured by the Uniform Commercial Code Financing Statement on business assets. • Twenty-year loans are secured by a deed of trust on real estate with adequate equity. • A loan fee of 2 percent must be paid at final loan closing. • Please contact the State Water Board or your local Financial Development Corporation for the current interest rate. Eligibility Requirements Loan applicants must be a UST owner and/or operator and meet all of the following requirements: • The loan applicant is a small business that employs fewer than 500 full-time and part-time employees, is independently owned and operated, and is not dominant in its field of operation; • The loan applicant’s principal office and its officers must be domiciled in California; • All of the tanks owned and operated by the loan applicant are subject to compliance with Health and Safety Code chapter 6.7 and the regulation adopted pursuant to that chapter; • The loan applicant must provide financial and legal documents necessary to demonstrate the ability to repay the loan and availability of adequate collateral to secure the loan; and Revised 8/2020 • The loan applicant must have complied, or will comply, with the financial responsibility requirements specified in Health and Safety Code section 25299.31 and the regulations adopted pursuant to this section. This is not a reimbursement program. Work cannot begin until you have an agreement executed by the State Water Board.

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Source: public records via Grants.gov. UseGrants is an independent aggregator, not affiliated with any funding agency. Always confirm details on the official listing before applying.