|
PROGRAM |
RUST LOAN PROGRAM |
| PURPOSE: |
Replacing Underground Storage Tank (RUST)
Loan Program - a reinstated program of the State Water Resources Control
Board. For more information, see: RUST Alert
[.pdf] or State
Water Resources Control Board web site. |
| USE OF FUNDS: |
May finance underground storage tank (UST) removal and replacement, under-dispenser containment, leak detection equipment, piping, enhanced vapor recovery, and dispensers.
|
| FINANCING METHOD: |
Loans can finance 100% of eligible costs.
|
REQUIRED
APPLICATION
DOCUMENTS: |
RUST Loan Application [.pdf]
RUST Schedule of Current Debt [.pdf]
RUST Financial Statement Certification [.pdf]
RUST Environmental Audit [.pdf]
|
| QUALIFICATIONS: |
Owners or operators of small independent UST facilities. For small business status, the applicant must employ fewer than 500 full-time and part-time employees, is not dominant in its field of operation, the principal office of the small business shall be domiciled in California, and the officers of the small business shall be domiciled in California.
|
| MAXIMUM AMOUNT: |
Loans up to $750,000 per borrower.
|
| MATURITY: |
Maximum term is 20 years.
|
| INTEREST RATE: |
Current interest rate is 2%.
|
| COLLATERAL: |
Best available collateral which will include but not be limited to a blanket filing on all company assets.
|
| FEES: |
There is a 2% loan origination fee.
|
| CONTACT: |
Nestor Correa: (213) 739-2999 ext. 227 |
