Revolving Loan Fund
East Central Intergovernmental Association (ECIA) administers a brownfield revolving loan fund (BRLF) program using grant funds from the Environmental Protection Agency. The ECIA BRLF program finances the cleanup of brownfield sites to assist the redevelopment of these properties into viable and sustainable businesses or residences to stimulate the economy as well as better the health and vitality of the environment.
The ECIA BRLF Advisory Committee, upon review and evaluation of the loan application, sets the interest rate and repayment terms. Cleanup projects can vastly range in price. A minimum loan amount of $75,000 has been set but there is no maximum loan amount. Maximum loan amount is set based on availability of loan funds.
Loan Match Requirement: Loan may be required to provide match funds. The match requirement will be determined by the fund manager and based on project, loan terms and fund requirements.
Loan Forgiveness/Discount: A portion of the loan may be forgiven/discounted based on completion of the project and borrower meeting loan requirements established with ECIA. Forgiveness/Discount is only available to public entities and nonprofit borrowers.
Fees/Terms: Loan Fees and terms will be determined and agreed to by borrower and ECIA for each project.
The BRLF serves communities which are part of ECIA’s Brownfield Coalition within the five-county region, which includes: Cedar, Clinton, Delaware, Dubuque & Jackson County
Any public or private entity who owns or is a prospective purchaser of contaminated property and is not responsible for the site contamination may be eligible to borrow BRLF funds for cleanup. Applicants must demonstrate compliance with the EPA Rule on All Appropriate Inquiries.
Borrower must be either a governmental, quasi-governmental, or non-profit organization who owns the contaminated property or is a prospective purchaser of contaminated property and is not responsible for the site contamination. Applicants must demonstrate compliance with the EPA Rule on All Appropriate Inquiries.
A Phase I must be obtained by borrower and be no older than 180 days prior to purchase of the property unless Borrower/property is exempt from CERCLA.
ECIA accepts BRLF requests year-round on a “first-come, first-served” basis for as long as the funds remain available. Depending upon the complexity of the project, the process to review and approve a loan application typically takes 60-90 days.
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