Who Can Qualify For Loan Funds?
Eligible borrowers can be any legal entity, municipality, or individual authorized to incur debt and enter into legally binding agreements. A borrower may be the current owner, a prospective owner, or a developer of a site.
All BRLF loans must be repaid. As funds revolve, then additional brownfields properties can be cleaned up. Therefore, borrowers must meet certain financial and technical criteria to qualify for revolving loan funds.
As with traditional loans, an analysis and evaluation will be made of each loan application to make certain applicants have the resources to repay the loan. This evaluation includes financial analysis and credit history, determination of collateral, and the commitment made by the borrower (loan guarantees).
Additional project considerations may include the social and economic benefits of the redevelopment project, including an evaluation of the property’s marketability and land value, visibility, neighborhood conditions, and physical infrastructure. Though these additional criteria are important, primary consideration is given to the financial and environmental risks of the proposed project.
To be eligible for a BRLF loan, a borrower must have:
- Access to and control of the site and/or have a written agreement that the property owner will cooperate with the cleanup activities;
- Possession of the technical expertise or have access to the technical resources to successfully undertake the proposed cleanup and redevelopment;
- A DEQ-approved Voluntary Remediation Work Plan.
Borrowers are not eligible if:
- It’s a site where the borrower is potentially liable under CERCLA Section 107 (Superfund Act);
- The borrower is currently suspended or debarred from receiving federal funding, or otherwise declared ineligible;
- The borrower caused or contributed to the contamination of the site, or has been subject to any environmental penalties for lack of compliance at the site subject to the loan.
For additional information, please contact the Reuse Idaho Brownfields Coalition member listed for your county, as indicated on the Economic Development Districts Map.