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. EPA awarded ECIA a total of $800,000 in RLF grant funds.
- Loans – 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 $50,000 has been set but there is no maximum loan amount. Maximum loan amount is set based on funds available.
- Subgrant – ECIA may subgrant up to $100,000 of its grant award. Applicants may request up to $50,000 for a single site.
Loan and/or Grant recipients must provide match funds. The match requirement will be determined by the fund manager however borrowers will provide at least a 30% match. Priority sites are ones that are most likely to have a successful redevelopment.
The RLF serves communities which are part of ECIA’s Brownfield Coalition within the five-county region, which includes: Cedar, Clinton, Delaware, Dubuque & Jackson County
Loans – 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.
Subgrants – Recipients 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.
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 or subgrant application takes about 60-90 days.
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