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Repair Underground Storage Tank Program (RUST) |
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Loan Amount:
Loans can range from $10,000 to $750,000.
Eligible Uses:
Costs needed to get into compliance with the Senate Bill 989. Typically this includes plans, permits, drawings, excavation and removal of tanks, installation of new tanks, double walled piping, dispensers, under-dispenser, containment boxes/pans, electronic monitoring system and enhanced vapor recovery system.
Loan Term and Collateral:
The loan term is ten years when secured by Uniform Commercial Code Financing Statement on business assets (UCC). Or twenty years when the loan is secured by a Deed of Trust on real estate with adequate equity.
Interest Rates and Fees:
Below conventional market rates. Loan fee of 2.0% paid at final loan closing.
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