ADEQ launches loan program.The Arkansas Department of Environmental Quality has announced a new program that will provide $800,000 for low-interest loans to help Arkansans clean up and revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. property for new development. Developers will be able to use the loan to clean up brownfield See greenfield. sites, which are parcels of land that might be contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. with a hazardous substance from previous commercial, industrial or agricultural use. Developers can then reuse the land. ADEQ ADEQ Arizona Department of Environmental Quality ADEQ Arkansas Department of Environmental Quality ADEQ Adult Equivalent officials said the Brownfields Revolving Loan Fund A Revolving Loan Fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. will encourage borrowers to clean up brownfield sites for redevelopment with low-interest financial assistance. "It allows urban areas to backfill back·fill n. Material used to refill an excavated area. tr.v. back·filled, back·fill·ing, back·fills To refill (an excavated area) with such material. industrial areas, rather than using new, unused areas," David Kern, ADEQ spokesman, said. The interest rate for loans for public and nonprofit groups is set at 25 percent of the current prime interest rate. Rates for private entities are set at 50 percent of the rate. Among the requirements for receiving a brownfields loan is that it must be used only for cleanup for contamination by nonpetroleum or mixed petroleum hazardous substances. Those applying for the loan must not yet be owners of the property or have contributed to its contamination. The ADEQ will monitor the cleanup process. The deadline for applying for the current loan offering is 2 p.m. Sept. 30. Applications and more information on eligibility are available by contacting the brownfields staff at (501) 682-0867, by e-mailing brownfields@adeq.state.ar.us or by visiting the ADEQ Web site at www.adeq.state.ar.us. |
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