Investigating Site Contamination Program (ISCP)
Highlights
You have a fantastic opportunity to access low-interest loans designed specifically to help assess and clean up underutilized urban properties. This funding not only supports the revitalization of these sites but also enhances your business's potential. If your assessment indicates that redevelopment isn't feasible, you can potentially have up to 75% of the loan forgiven. This eliminates much of the financial risk, allowing you to concentrate on what truly matters—growing your business.
The loan repayment terms are straightforward and flexible. You begin repaying the loan once your project is completed or two years after receiving the funds, whichever comes first. Plus, you have up to seven years to repay, giving your business the ample time it needs to thrive and find success.
Applying for this program is simple. With no minimum revenue or employee requirements, it's designed to meet the needs of all business owners. By participating, you not only secure financial support but also strengthen your position in a changing market. This program is not just about funding; it's about making a meaningful impact on your business and community.
Financing Details
Type of Financing
This program offers low-interest loans to support property owners, developers, community groups, and local governments.
Repayment Terms
- The loan repayment period begins once the response action is certified or completed, or two years after the loan funds are disbursed—whichever comes first.
- You have up to seven years to repay the loan.
- If it's determined that redevelopment isn't economically feasible, you could have up to 75% of the loan amount waived.
Eligible Expenses
Funds can be used for conducting preliminary endangerment assessments of underutilized urban properties. Be ready to provide receipts for eligible costs.
Ineligible Expenses
The funds cannot be used for any expenses not related to the assessment process or activities outside the scope of the project.
Fees
Currently, there are no fees associated with the program.
Qualifications
- Location: Must be based in California.
- Eligibility: Open to property owners, developers, community groups, and local governments.
- Employee Count: No minimum or maximum number of employees required.
- Revenue: No minimum or maximum revenue requirements.
- Legal Structure: All legal structures qualify.
Profit Structure: All profit structures are eligible.
Disqualifications:
- No felony convictions or misdemeanors related to hazardous materials.
- No felony convictions or misdemeanors involving moral turpitude (e.g., fraud, perjury, money laundering).
- No violations of administrative orders or agreements with federal, state, or local agencies requiring site response actions.
Description
You can access low-interest loans to help conduct assessments or clean up underutilized urban properties. This funding is designed to make these properties more viable for development, which can boost your business's potential.
If your assessment shows that redevelopment isn’t feasible, you may qualify to have up to 75% of the loan forgiven. This means less financial risk for you, allowing you to focus on growing your business rather than worrying about debts.
The loan repayment period is flexible. You’ll begin repaying once your project is completed or two years after receiving the loan, whichever is sooner. You have up to seven years to pay it back, giving you ample time to put your plans into action and see results.
Program Steps
Visit the program website: Start by accessing the official program site to gather all relevant information.
Prepare your project plan: Outline your goals and strategies for assessing or cleaning up the underutilized urban property you have in mind.
Compile the necessary documentation: To apply, you will need the following documents:
- Business registration details
- Financial statements (last two years)
- Project budget and timeline
- Description of the target property
- Environmental assessment reports, if available
- Any prior assessments or redevelopment plans
Complete the application form: Fill out the application form available on the program website. Make sure all sections are accurate and complete.
Submit your application: After reviewing your application for accuracy, submit it through the program's designated submission channel.
Follow up: After submission, keep track of your application status. Don’t hesitate to reach out to program representatives with any questions or for updates.
