Program Purpose To provide low interest financing to small gasoline retailers for the replacement of an underground petroleum tank. How It Works Business owners submit an application on the approved from along with supporting documentation including third party cost estimates from a certified installer, prior year federal tax return, schedule of existing debt and proof of gasoline volume sold in the last calendar year. Loans can only be made to businesses that demonstrate an ability to pay the loan from business cash flow. Eligible Applicants Small gasoline retailers who owned only one facility and dispensed less than 500,000 gallons of motor fuel during the last calendar year.
All loans are for seven years.
There is no penalty for prepayment. The interest rate is 3 percent. Security Promissory Note, Mortgage and Personal Guarantees are required. Fees All filing fees and mortgage taxes to be paid by the business. Applications Accepted Applications are accepted on a year-round basis.