MCEDC Business Financing Programs

UNDERGROUND STORAGE TANK UPGRADE LOAN (USTULP)

Low-interest loan financing to business owners of regulated underground storage tanks to meet federal Environmental Protection Agency (EPA) upgrade requirements.

Eligibility:

Owners of six or fewer regulated USTs for the first 90 days after the enactment of the legislation authorizing the program and for the first 90 days following July 1st of each year

Eligible Uses:

• Tank removal or closure if replacing tanks
• 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 directly associated with upgrading

Where to Apply: MCEDC office or Single Application

Amounts:

$500,000 or 75% of the total eligible project costs, whichever is less

Terms/Conditions:

Terms up to 10 years

Fixed interest rate for the term of the loan and shall equal the interest rate for a 5-year U.S. Treasury note as determined by the Department

2% loan commitment fee due at loan commitment

10% of the eligible project cost must be cash equity and the remaining 15% may be bank or vendor financed

All loans will be guaranteed by the principals of the borrower