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Loan Considerations

Loan Process

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Brownfields Cleanup Revolving Loan Fund
Loan Approval Process

Loan Considerations

The BCRLF has restrictions and limitations on the loan terms that it can administer. A range of considerations are listed below (this is not an exhaustive list and other limitations may or may not apply):   
  • Remediation activities must be completed within 12 months of the signing of the loan agreement. 
  • The amount of a single BCRLF loan ranges from a minimum of $50,000 to a maximum of $500,000.
  • Loan funds available at below market rates, varying dependent upon the status of the borrower.  
  • The average loan term is between three and four years 
  • Intra-governmental loans are available 
  • Loan discounts may be available to government entities and non-profits up to 20% and 30%, respectively. 
  • Direct Financial Assistance may be available for various document preparation, such as the Community Relations Plan (CRP), Engineering Evaluation / Cost Analysis (EE/CA), and the Remedial Action Work Plan (RAWP).

Loan Approval Process

The loan approval process will involve the participation of the RIEDC as lead agency, the RIDEM as Brownfields Site Manager, SBLFC as Fund Manager and the Clean Land Fund (where appropriate) as Brownfields Financial Advisor. The loan approval process should be carried out efficiently and pragmatically to insure loans are approved in a timely manner, Remedial Action Work Plans (RAWP) are implemented and redevelopment projects are completed on schedule to maximize the community benefit goals of the projects.  A brief descriptions of the actions to be taken are listed below:   This is not an inclusive list of steps, the chronology is slightly flexible dependent on the situation, and other requirements may or may not apply.
Task RIEDC RIDEM Borrower
Site Investigation Report and Remedial Alternatives are reviewed   x  
Community Relations Spokesperson is designated x    
Community Interviews are conducted x    
Information repository and administrative record is established x    
Certifies that the borrower is not a Potentially Responsible Party   x  
Approval Memo to conduct Engineering Evaluation / Cost Analysis (EE/CA) is drafted   x  
Signs off on the EE/CA Approval Memo
(May be required before making a loan)
Loan Approval Memo can be prepared
(A loan commitment letter may be required prior to this point)
Loan Terms are prepared by the SBLFC - - -
SBLFC Board of Directors reviews loan approval memo (Subject to 30-day public comment period on EE/CA) - - -
SBLFC prepares and executes the loan agreement - - -
The Community Relations Plan is prepared, including 30-day public comment period on EE/CA
(CRP must be prepared before the EE/CA is released)  
x   (x)
EE/CA is drafted
(With the proper documentation this may be done prior to the loan agreement)
Reviews & comments on draft EE/CA   x  
Revises EE/CA if necessary     x
Provides public notice of availability of EE/CA and conducts 30-day public comment period x    
RIDEM ensures the public participation requirements are met   x  
Notes: This is not an inclusive list of steps and the chronology is slightly flexible dependent on the situation. 
 (X) - Party will also assist in this step.

last updated: 04/03/03

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Rhode Island Economic Development Corporation and Rhode Island Statewide Planning Program

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