So you’ve got a brownfield and you’re ready to make things right with it. Now the question is: How will you pay for getting it cleaned up so it can be built on or sold? Banks are reluctant to loan money for something as intangible as cleaning up hazardous waste or removing underground storage tanks. And contaminated land puts off developers and others who don’t want to be held liable for pollution left behind by someone else.

 

The Brownfields Coalition fills in that funding gap by a.) providing cleanup money to people like you through the Brownfields Loan Fund (BLF) and b.) helping you find other sources of money.

 

The BLF is $5.9 million from the EPA that is managed by the coalition. Recognizing that cleanup is a crucial early step in redevelopment, yet one that’s almost impossible to fund, the EPA established the revolving loan fund program with an interest rate than you’re not likely to get from a private lender. The coalition is also more likely than a bank to loan you money for cleanup!

 

Not every cleanup activity is covered by the BLF, so see the eligibility page for more information. In general, however, the BLF may be used at sites that are:

 

You can use a BLF loan to supplement other funding such as economic or community development funds, grants and private investment. You can also use the loan as gap funding to make your project more attractive to traditional lenders like banks. There are also other funding sources that can help you with the myriad of other costs such as assessment and even redevelopment.