Revolving Loan Fund

Historic Investment in Brownfields

ECIA is here to assist you in taking your community to the next level with its Brownfields Revolving Loan Fund (BRLF) Program. The Bipartisan Infrastructure Law included an unprecedented $1.5 billion investment in EPA’s Brownfield program and ECIA fortunate to be a recipient of these funds the past two years. These funds have replenished ECIA’s Brownfield RLF program.

Program Description

The ECIA BRLF program has been capitalized by the U.S. EPA Brownfields RLF and Supplemental RLF Grant Funding. Funds are allocated for cleanup of hazardous, petroleum substances and contaminants. Brownfield RLF provides low interest loans to local governments, non-profits and private businesses undertaking cleanup of contaminated properties to support redevelopment. Brownfield loans consist of several phases from the site and borrower eligibility and approval phase, community engagement and involvement, execution of loan documents, completion of EPA requirements prior to start of cleanup, procurement, cleanup oversight, reimbursement and project closeout.  

Program Goals

The goals of the ECIA Brownfield RLF Program include the following:

• Cleanup sites and make ready for redevelopment
• Improve environmental quality and reduce climate impact
• Create new jobs at or around the sites
• Improve safety and health

Loan Assistance

The ECIA BRLF Advisory Committee reviews and approves loan request. Cleanup projects can vastly range in price. A minimum loan amount of $50,000 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 require match funds. The match requirement will be determined by the fund manager and based on project, loan terms and fund requirements.

Fees/Terms

Loan Fees and terms will be determined and agreed to by borrower and ECIA for each project. Low interest rate loan.

Effective July 1, 2024 and subject to change:

• Loan Term – maximum term 5 years
• Interest Rate: 0% for first 12 months, with deferred/no principal and interest payments; Interest rate after first 12 months negotiated and based on project, borrower, and loan term. Payments of principal and interest due quarterly for remainder of loan term.
• Upfront Loan Fee: Borrower to pay upfront loan fee based on loan amount committed.
  • City – 1%
  • Nonprofit – 1.5%
  • For profit – 2%
• Borrower to pay all hard closing cost associated with loan such as attorney prepared document fee, title work, recording fee, etc.
• Collateral: Lien on real property

Loan Discount/Forgiveness

A portion of the loan may be forgiven/discounted based on completion of the project and borrower meeting loan requirements established with ECIA. Amount to be forgiven/discounted to be determined by lender based on borrower, loan purpose and available of funds but in no case will forgiveness/discount exceed 50% or $500,000.  

A Discount Loan is only available to public entities and nonprofit borrowers.

Property Eligibility

The BRLF serves communities which are part of ECIA’s Brownfield Coalition within the five-county region. Area covered by BRLF includes Cedar, Clinton, Delaware, Dubuque & Jackson County.

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.

Borrower Eligibility

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.

Application Deadline

ECIA accepts loan request 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.

Request for Services

If you have a potential site but are unsure if it would qualify, please do not hesitate to email Dawn Danielson at ddanielson@ecia.org or call 563.580.1976.