The Division of Water and the Division of Waste and Hazardous Substances developed a low-interest loan program, PLUS (Program Loans for UST Systems), to provide financial assistance to Underground Storage Tank (UST) owners and operators. The minimum loan amount is $5,000 and the maximum loan amount is $250,000. The borrower must provide collateral for the loan and pay all closing costs. The loan must be paid back over a time period not to exceed 10 years. A nonrefundable fee of $250 must accompany a PLUS Loan application.
What type of work is eligible for financing?
- Removal or closure in place of UST systems.
- Installation of spill containment, overfill protection and leak detection equipment for UST systems.
- Remediation of contamination resulting from a release from an UST.
- Installation of corrosion protection on existing UST systems.
- Installation of new tank systems at existing UST facilities.
- Installation of vapor recovery equipment, Stage I or Stage II.
Before submitting an application, the applicant should contact the TMS to determine if the project is eligible for consideration.