Replacing, Removing, or Upgrading Underground Storage Tanks Loan

The State Water Resources Control Board offers the Replacing, Removing, or Upgrading Underground Storage Tanks (RUST) loan program to assist California small‑business owners of underground storage tanks (USTs) with financing to bring tanks into compliance with state and federal standards. Loans cover 100 % of eligible costs, are low‑interest, and are available in two terms (10‑year secured by personal assets or 20‑year secured by real‑estate equity). A 2 % loan fee is required at closing, and applicants must submit a letter of intent and meet strict eligibility criteria, including small‑business status, California domicile, and compliance with Health and Safety Code provisions. • Loan amounts: $10,000 – $750,000 per award • Terms: 10‑year (UCC‑secured) or 20‑year (deed‑of‑trust secured) • Interest rate: low‑interest (current rate to be confirmed with State Water Board or local Financial Development Corporation) • Eligibility: California‑based small business (<500 employees), UST owner/operator, must meet health‑code compliance and financial responsibility requirements • Application: Letter of intent required; submit via standard disbursement form (Std. 261) with contractor invoices • Funding source: State (Senate Bill 445) – reimbursement method • No matched funding required; not a reimbursement program until loan agreement is executed • Ongoing availability; no fixed deadline or award date listed