Manuel A. Sablan, executive director of the Commonwealth Development Authority, said DEQ made available $30,000 as starting principal for the portfolio.
According to the loan program’s brochure, “the intent of the pilot project is to provide funds for the cleanup of Brownfields sites through CDAs’ loan program. The goal of the project is to demonstrate that there is a need, and it’s feasible to establish a revolving loan fund program that would make available funds to clean up eligible Brownfields sites.”
It further stated that funding for the loan — $30,000 — was originally provided by DEQ’s Brownfields Program funded by the Environmental Protection Agency.
Borrowers may apply at DEQ’s environmental site assessment or Phase I and Phase II or attain an environmental assessment from a qualified professional from a consulting firm.
Once DEQ established that the property requires cleanup, DEQ refers applicant to CDA.
Borrower may use his contaminated property or other real estate property in other places as collateral.
The Revolving Loan Fund also accepts chattel mortgage on all furniture, equipment, fixtures and other tangibles.
With interest rate pegged at 1 percent, the loan’s terms may hinge on the severity of the cleanup.
