Cleanup Loans and Environmental Assistance to Neighborhoods (CLEAN) Program
Highlights
This program is designed specifically for businesses like yours that are looking to make a positive impact. By applying, you gain access to low-interest loans that can fund the cleanup and redevelopment of abandoned urban properties. This isn't just about improving a physical space; it’s about enhancing property values and revitalizing your community. Your involvement could transform neglected areas into vibrant spaces, benefiting both your business and residents.
Why should you apply? The funding allows you to address cleanup challenges and remove hazardous materials safely. Once you sign the loan agreement, funds are sent directly to you, giving you the financial support needed to start your project effectively. You also benefit from a flexible repayment period of up to seven years, which starts only after cleanup is completed or two years after receiving the funds. This means you can focus on revitalizing your area without the immediate pressure of loan repayments.
Overall, this program not only provides financing that is competitive with other options but also positions your business as a leader in community improvement. By participating, you'll make a significant impact, paving the way for increased economic viability in your neighborhood, all while having support that understands your challenges.
Financing Details
Type of Financing
This program offers low-interest loans specifically designed for cleanup and redevelopment related to abandoned and underutilized urban properties.
Repayment Terms
- Repayment begins upon certification or completion of the response action, or two years after funds are disbursed, whichever comes first.
- The loan repayment period can go up to seven years.
- Interest rates are low, though specific numbers are not mentioned, indicating a favorable financial arrangement.
Eligible Expenses
Eligible expenses for this loan include costs directly associated with the cleanup or removal of hazardous materials. You will need to provide receipts for these expenses to demonstrate their validity.
Ineligible Expenses
These funds cannot be used for any personal expenses outside the scope of the cleanup and redevelopment activities.
Fees
There are no fees mentioned in the program details, making it straightforward for you to access and use the loan funds without extra costs.
Qualifications
Location: Business must be situated in specific urban areas where cleanup and redevelopment are needed.
Eligibility: Open to property owners, developers, community groups, and local governments.
Legal Structure: All legal structures are applicable.
Profit Structure: All profit structures are applicable.
Employee Requirements: No minimum or maximum number of employees is required.
Revenue Requirements: No minimum or maximum revenue qualifications apply.
Criminal Background:
- Must not have felony convictions or misdemeanors involving the regulation of hazardous materials.
- Must not have felony convictions or misdemeanors involving moral turpitude (e.g., fraud, bribery, perjury).
- Must not have violations of any administrative order or agreement with any federal, state, or local agency requiring response action at a site.
Description
You can access low-interest loans to clean up and redevelop abandoned urban properties. This funding is designed to support projects that can enhance property values and improve local living conditions. By utilizing these funds, you can help transform neglected areas into thriving spaces that benefit both your business and the community.
The money you receive can be used for various expenses related to cleanup and removal of hazardous materials. This investment is not just about fixing up buildings; it’s about making a positive impact on your environment and boosting the economic viability of the area. Once you execute the loan agreement, funds will be provided directly to you. Just keep in mind that you'll need to show eligible costs and receipts to the program.
You have a flexible repayment timeline. The repayment period lasts up to seven years, starting either after the cleanup is completed or two years after you receive the funds—whichever comes first. This gives you ample time to focus on your project and maximize its potential without the immediate pressure of loan repayments.
Program Steps
Gather Required Documentation
- Business registration documents
- Tax identification number
- Financial statements (last two years)
- Project plan outlining cleanup and redevelopment strategies
- Cost estimates for cleanup and hazardous material removal
- Any relevant permits or licenses
Complete the Application Form
- Fill out all required fields with accurate information.
- Make sure to clearly state how the funds will be used.
Submit the Application
- Review the application for completeness.
- Submit your application along with the required documentation to the program office.
Await Confirmation
- Keep an eye out for communication from the program regarding the status of your application.
Review Loan Agreement
- If approved, carefully read the loan agreement.
- Ensure you understand the terms and repayment timeline.
Execute the Loan Agreement
- Sign the agreement to finalize your funding.
Begin Project Work
- Start the cleanup and redevelopment process, keeping detailed records of expenses.
Maintain Receipts and Documentation
- Collect receipts for all project-related costs.
- Prepare for submitting eligible costs as required by the program.
Repay the Loan
- Plan your finances for the repayment period, which lasts up to seven years.
