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Petroleum Underground Storage Tank Remediation, Upgrade and Closure Fund
Rolling Application
Deadline:
Start Date:
Eligibility
- Businesses must own less than 10 petroleum underground storage tanks in New Jersey
- For an interest-free loan: Businesses must have a net worth of less than $2M and demonstrate they're unable to obtain a commercial loan for all or part of the eligible costs
- For a grant: Businesses must have taxable income not exceeding $250,000 and a net worth not exceeding $500,000, excluding their primary residence and pension
- Eligibility for independent institutions of higher education, nonprofit organizations, volunteer fire, ambulance, first aid, emergency or rescue company or squad, is defined in the UST Finance Act
Benefits
- Grant recipients can receive up to $500,000 per site in a Metropolitan area and up to $1M per site if the project is located in a Suburban area
- Loan recipients will not exceed $2M in an urban area, or not exceed $3M if the project site is located in a suburban area