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California Technology Trade and Commerce Agency <br /> Office of Small Business <br /> \M <br /> USTALERT <br /> ISSUED August 13, 2002 <br /> To Petroleum Underground Storage Tank Authorities: <br /> The Replacing Underground Storage Tank (RUST) loan/grant program provides funds to <br /> small business owners and/or operators of petroleum underground storage tanks (UST) <br /> that are unable to find conventional financing to comply with new regulations required to <br /> protect ground water from MTBE. <br /> Applicants may apply for a loan from $10,000 to $750,000. The loans are below market <br /> rate, currently 3% fixed, fully amortized over 10 years if collateralized by business assets <br /> or 20 years if secured by real estate. There is a loan fee of 2%, paid at final closing. The <br /> grants are provided to very small UST sites that meet stringent qualifying criteria. The <br /> grants range from$10,000 to $50,000. <br /> The current RUST/Grant program can only assist UST sites needing to comply with <br /> upgrade provisions sited in Senate Bill 989. <br /> Please infirm all small business UST sites in your jurisdiction about this opportunity as <br /> quickly as possible. The RUST/Grant is scheduled to end on December 312003. We <br /> need to receive all loan or grant applications soon to allow time for processing before <br /> it's too late. <br /> TIME IS OF THE ESSANCE <br /> Please call,fax or email any Grant/Loan questions/referrals to <br /> Eric Watkins @(916) 323-9879, ewatkins(a_)commerce.ca.¢ov <br /> CarlosNakata@(916)323-2688.cnakata(a',,commerce.ca.gov <br /> FAX: (916)322-5084 <br /> If you would like us to contact someone who could benefit from this program,please provide <br /> the following referral information: <br /> Name of Contact Person: <br /> Address/e-mail: <br /> Phone Number: <br /> Fax Number: <br /> r <br />