This program offers low-interest loans specifically designed for small businesses like yours that need to upgrade, remove, or replace underground storage tanks. With funding ranging from $10,000 to $750,000, you can meet safety and environmental standards without draining your resources. You’ll have peace of mind knowing that your business can operate confidently, while also enhancing its environmental responsibility.

The loan terms are flexible, with options for 10-year or 20-year repayment plans. A 10-year loan is secured by your business assets, while the 20-year option is backed by real estate. This makes financing accessible and manageable for your business’s cash flow. Plus, there's only a 2% fee at loan closing, making it much more affordable than many other financing options.

By applying, you pave the way for compliance with regulations, positioning your business not just for survival, but for growth. This financial support helps reduce barriers, allowing you to focus on serving your customers and expanding your operations. With the right funding, anything is possible!

Type of Financing
This program offers low-interest loans to assist small business owners with financing the costs of upgrading, removing, or replacing underground storage tanks.

Loan Terms

• Loan amounts range from $10,000 to $750,000.
• The repayment terms can be either 10 or 20 years.
• Ten-year loans are secured by a Uniform Commercial Code (UCC) financing statement on business assets.
• Twenty-year loans are secured by a deed of trust on real estate, given there is sufficient equity.
• A 2% loan fee is required at the final loan closing.
• For interest rates, please reach out to your state water board or local financial development corporation for current figures.

Eligible Expenses
Funds can specifically be used for costs to upgrade, remove, or replace underground storage tanks, including any necessary corrective actions to meet health and safety standards.

Ineligible Expenses
The funds cannot be used for reimbursement purposes, as all work must start after an agreement is executed by the state water board.

Fees
A flat 2% fee is associated with the loan process, payable at closing. No other fees are mentioned.

• The business must be a small business that:

  • Employs fewer than 500 full-time and part-time employees.
  • Is independently owned and operated.
  • Is not dominant in its field of operation.

• The business's principal office and its officers must be domiciled in California.

• All underground storage tanks (USTs) owned and operated by the business must comply with health and safety code chapter 6.7 and the regulations adopted under this chapter.

• The business must provide financial and legal documents to demonstrate the ability to repay the loan and availability of adequate collateral to secure the loan.

• The business must comply, 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.

Disqualifications:

• This program is not available to businesses that have already begun work on tank upgrades or replacements before executing an agreement with the state water board.

This program provides your business with low-interest loans to help with costs related to upgrading, removing, or replacing underground storage tanks. You can access funding ranging from $10,000 to $750,000. This support ensures you meet safety and environmental standards, allowing you to operate confidently and responsibly.

The loan terms are flexible, offering options for 10-year or 20-year repayment plans. For a 10-year loan, your business's assets will secure the loan, while a 20-year loan will be secured by a deed of trust on real estate you own. Keep in mind, there is a 2% loan fee payable at closing.

By taking advantage of this opportunity, you can ensure your business not only complies with regulations but also enhances its environmental responsibility. This program eliminates financial barriers, enabling you to focus on what matters most: growing your business and serving your customers effectively.